Sep 6, 2019

Bahamas island faces oil spill after Hurricane Dorian

Freeport, Grand Bahama on Sept. 5, after Hurricane Dorian. Photo: Adam DelGiudice/AFP/Getty Images

Oil seeped from storage tanks on Grand Bahama Island on Friday following storm damage from Hurricane Dorian, the AP reports.

Our thought bubble, via Axios' Amy Harder: The oil spill is a stark and tragic reminder of the risk we face by using polluting and inflammable energy types, which are inherently more dangerous in extreme weather than, say, wind turbines.

Catch up quick: Equinor, the international oil company that owns the facility, said on Thursday that it's "too early" to know how much oil spilled outside the onshore tanks. Equinor said it had not observed "any oil spill at sea" as of Thursday.

  • The Grand Bahama storage terminal had 1.8 million barrels of oil on-site when Dorian struck the island Sunday, NPR reports.
  • Equinor said on Thursday it has mobilized "oil spill response resources" that will arrive at the South Riding Point facility as soon as possible.

Go deeper: The "unimaginable" destruction Dorian brought on the Bahamas

Go deeper

BP CEO: "Remarkable" that prices stabilized so fast after Saudi oil attack

Smoke billows from an Aramco oil facility, Sept. 14. Photo: AFP/Getty Images

Following the Sept. 14 attacks on Saudi Arabia's oil facilities, BP CEO Bob Dudley said he found it a "remarkable thing that the oil market settled down so quickly."

Why it matters: His comments, made to Axios in an interview Monday in New York, are the latest sign of how much has changed in the global oil industry over the last few years partly as a result of America's booming oil production.

Go deeperArrowSep 24, 2019

Post-tropical cyclone Dorian weakens in North Atlantic after lashing Canada

Destruction in the Bahamas following the aftermath of Hurricane Dorian. Photo: Jose Jimenez/Getty Images

After devastating the Bahamas and pummeling North Carolina, Dorian lashed at far-eastern Canada with hurricane-force winds Sunday, knocking out power to hundreds of thousands of people before weakening and heading into the North Atlantic, AP reports.

The latest: The post-tropical cyclone was packing winds of 60 mph as it headed east-northeast, about 375 miles north of Cape Race, the National Hurricane Center said in an advisory at 11 p.m.

Go deeperArrowUpdated Sep 9, 2019

How the U.S. oil boom echoes through the economy

A BP oil refinery in California. Photo: David McNew/Getty Images

A new Dallas Fed note explores a metric of what the shale-driven U.S. production surge has meant for the wider economy.

What they found: "The share of the upstream oil and gas sector in the level of U.S. nonresidential fixed investment doubled from 3.4 percent in the decade before the shale oil boom to an average of 6.4 percent since 2008."

Go deeperArrowSep 25, 2019