Hurricane Francine Disrupts 30% of U.S. Oil Production: A Severe Impact on the Energy Sector

Hurricane Francine has wreaked havoc on the oil and gas production in the Gulf of Mexico, causing significant operational shutdowns across the region. With 30% of America's oil production and 41% of its natural gas production halted, the impact of this storm is being felt nationwide. Energy facilities along the Gulf Coast began reducing operations last Tuesday, with many production sites evacuated as the hurricane approached. The Gulf of Mexico typically produces around 1.8 million barrels of oil daily, accounting for approximately 15% of total U.S. crude production. However, the U.S. Bureau of Safety and Environmental Enforcement reported that the hurricane has led to the shutdown of over 522,000 barrels of oil per day and 755 million cubic feet of natural gas. As of now, the number of oil and gas platforms abandoned by energy workers has decreased to 52 from a peak of 171 during the storm's height. Hurricane Francine made landfall on the Louisiana coast on Wednesday, bringing winds of 100 mph, which resulted in power outages for 375,000 residents and severe flooding across the state.