Tropical Storm Cristobal, now gaining strength in the southern Gulf of Mexico, could grow into a hurricane as it moves toward the Texas and Louisiana coasts early next week, threatening offshore oil platforms, coastal refiners and agriculture.
Storms in the Gulf of Mexico are closely watched because offshore platforms account for 16% of U.S. crude oil production and 2.4% of natural gas production, according to the Energy Department.More than 45% of U.S. refining capacity and 51% of gas processing capacity is located along the Gulf Coast. Even a weak system can force evacuations and temporary shut downs. The storm will likely cross the offshore platforms Sunday before making landfall on Monday.
This with Covid-19 increase from the riots will cause a price increase in gas and oil and help with COE none open market gas and oil, price should move back to the pre covid-19 60's
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