Hurricane Milton drives gas shortage in Florida as residents flee storm
Published On Oct 8, 2024, 1:35 PM
Hurricane Milton is causing significant fuel shortages in Florida as residents evacuate the storm's path. Gas stations are running out of fuel, particularly in areas like Tampa and Orlando, with no clear timeline for when new fuel deliveries will arrive. This situation is exacerbated by heavy traffic as people try to leave, causing major congestion on highways. The logistics and distribution of gasoline and diesel are greatly impacted due to potential storm damage to terminals and the need for inspections and repairs before fuel can be resupplied.
Stock Forecasts
XOM
Positive
With the ongoing hurricane leading to logistical disruptions and a substantial increase in fuel demand from evacuated residents, companies involved in refining and transporting oil may see short-term stock volatility. The fuel shortage is likely to affect consumer prices, driving them higher.
BP
Negative
As Hurricane Milton threatens fuel distribution terminals in Florida, companies like BP and Citgo that operate in the affected area might face operational setbacks and stock declines if they sustain damage from the storm. However, longer supply issues could support increasing prices in the oil market in the short term if production is affected.
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Hurricane Milton drives gas shortage in Florida as residents flee storm
Oct 8, 2024, 1:35 PM
Hurricane Milton is already impacting the fuel supply in Florida with pumps near Tampa and Orlando running dry as people flee to safer areas.