Ida’s fury hits US oil production, gasoline supplies

 U.S. Gulf Coast energy companies began damage reviews at offshore production facilities and started evaluating onshore power losses after Hurricane Ida caused devastation in Louisiana and rampaged through offshore oil and gas fields.

Hundreds of oil production platforms remained evacuated and nearly 1.2 million homes and businesses in Louisiana and Mississippi were without power on Monday.

Production losses – including at nine Gulf Coast refineries – are expected to lift retail gasoline prices by 5 to 15 cents a gallon, tracking firm GasBuddy said. The extent of price increases will depend on how quickly electric power can be restored and when a major fuel pipeline can resume operations, said petroleum analyst Patrick De Haan.

About 1.72 million barrels per day (bpd) of oil production and 2,087 million cubic feet per day of natural gas output remain shut in the U.S. side of the Gulf of Mexico following evacuations at 288 platforms, the Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.

The closures are equivalent to 95% of the Gulf’s crude output and 94% of gas production.