Hurricane season is far from over as we still have the rest of October as well as part of November. Over the past 2 months, we have seen substantial effects on gulf coast refineries. The Gulf coast offshore production makes up 1.5 million barrels per day (bdp) of oil output, which was all shut down last month due to Hurricane Laura, which lasted roughly from August 20th – August 29th.
The use of drones are being utilized in various industries all the time, from the military to recreation, but could we see the use of drones in the oil and gas industry? Of course, the drone model DJI M300 is used quite frequently in refinery inspections. “The accuracy of measurement increases with every new DJI drone model” says, Italian Engineer and spokesman, Flavio Dolce.
Hurricane season generally lasts from June 1st through November 30th. Typically, we will not start to see its impact until August which will usually peak into September. Why is this important to know and how does it pertain to the energy industry? In the past, hurricanes have caused billions of dollars’ worth of damage especially along the gulf and Atlantic coastal regions. Its storms impact the infrastructures, power grids, as well as the production of offshore drilling, which can cause major fluctuations in the oil and gas industry.
The airline industry has taken a dramatic drop due to the travel and safety restrictions from the Coronavirus. However, despite the drop of commercial air travel, the steady demand of air freight is giving hope for the industry as a whole.
As we approach mid-June, a lot of counties within Pennsylvania have or are preparing to move into the green phase of re-opening. However, there are still a lot of areas in and outside of Pennsylvania that have delayed any re-opening, Philadelphia for example still remains in the yellow phase. Over the past twoweeks we started to see an uptick in the market as small businesses begin re-open with hopes of the economy getting back to a more optimal function. The question then becomes, have we seen the worst effects physically and economically that COVID-19 has caused?