Tropical Storm Debby churned her way through the Gulf over the weekend, and continues to cause outages in off-shore oil production, oil offloading, and meddling with other oil infrastructure.
Chevron, Shell, and BP were seen evacuating some of their offshore platforms over the weekend, and LOOP, the Louisiana Offshore Oil Platform, used for unloading inbound crude carriers, was closed. However, LOOP continued to make deliveries, according to their website.
At 9:30 am CDT, LOOP temporarily suspended marine operations. While we are not offloading tankers, we continue to make deliveries to customers from our onshore storage facilities. Marine operations will resume when conditions improve.
The storm caused Gulf-area spot gasoline prices to rise Monday morning, but should mean little in terms of gasoline prices. Some areas in South Carolina that are exceedingly low ($2.73) may be affected with perhaps slightly higher prices, but other than that, I don't expect a lot of damage to come to gasoline prices from Debby. The primary threat now is rain, so we'll keep an eye out.
In other news, the U.S. national average dropped to its lowest level since February 4, 2012, and more declines are likely into this week.
Along the previously hard hit West Coast, gasoline prices have spiraled lower from their levels seen a few weeks ago. While prices are still among the highest in the nation in Washington, Oregon, and California, the price drops are approaching 50c/gallon in these areas over the last month, certainly nothing to balk at.