Oil price plunges after Hurricane Ida hit oil rigs
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| Oil Prices Today |
"Oil Prices" retreated and pared their gains today, Tuesday, August 31, to drop from their highest level in more than three weeks, due to the powerful "Hurricane Ida" that swept the US Gulf of Mexico coast, forcing the authorities to close and evacuate hundreds of offshore oil platforms.
- The price of Brent crude oil fell 29 cents or 0.4%, and its price reached $72.75 a barrel.
- The price of US West Texas Intermediate crude oil fell by 44 cents, or 0.5%, to $68.43 a barrel.
Among the reasons for the decline in oil prices, Hurricane Ida swept the coast near Port Fortune, in the state of Louisiana, the center of the marine energy industry in the Gulf of Mexico.
According to the Office of Safety and Environmental Enforcement, with Ida moving towards drilling rigs and other infrastructure, we also show that Gulf supplies make up about 17% of the oil in the United States.
A regulator said oil and gas companies had evacuated about 300 offshore facilities and moved 10 drilling ships out of danger.
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