Oil and gas producers in Texas and Louisiana shut down rigs, platforms and refineries Wednesday in preparation for Hurricane Laura, reports the Houston Chronicle. Hurricane Laura and Tropical Storm Marco are two unwelcome hurdles in an industry still recovering from the dramatic effects of the Oil Price War and COVID-19.
“These hurricanes, they can attack the entire energy infrastructure,” said Jim Burkhard, head of IHS Markit research for crude oil markets. “And it’s not just a refinery being shut down, but if a pipeline gets shut down, or the electrical grid gets damaged, it shows how integrated all these systems are: pipelines, refineries, electricity. And it’s that aggregate damage that can be so challenging to overcome.”