Oil companies should always take hurricane season seriously; even more advance planning will be necessary with the busy forecast in coming years. Predictions are for as many as 16 named tropical storms this season, with about six forming into Category 3 hurricanes or higher. The Gulf of Mexico produces about a third of the nation's oil and a fifth of its natural gas, so a major hurricane can have a severe effect on prices. This year, average gasoline prices have risen to almost $3 a gallon, with natural-gas prices jumping as well. In addition, the challenge of moving employees inland and shutting down drilling operations, companies face having damaged platforms or drilling rigs out of operation for months. Part of the problem is that the industry as a whole is so short of workers right now that many companies are still working to fix last year's equipment failures.
Hurricanes have no doubt been a contributing factor to higher gasoline prices in the United States, but keep in mind that last year was a tremendous hurricane season. It's remarkable that as many remained operable as they did.
Are we now more prepared than we have been in years past? I have a feeling that we've still got a long way to go. Do you think we're ready for this year's hurricane season?
that's true