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.

Read full article

Stock Forecasts

XOMView XOM chart on TradingView

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.

BPView BP chart on TradingView

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.

Related News

Hurricane Milton leaves thousands of Florida gas stations without fuel

Oct 10, 2024, 2:33 PM

There are nearly 2,000 gas stations that are out of fuel in Florida a day after Hurricane Milton slammed into the state. It's the second major storm in recent weeks.

XOM
CVX

Hurricane Milton hampers gasoline supply chain

Oct 10, 2024, 6:00 AM

Hurricane Milton's landfall in Florida has disrupted gas supplies after many residents stocked up on gas and diesel for their evacuation ride out of the area and to power generators.

XOM
CVX
COP
SHEL

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.

XOM
BP