Aug 25, 2017

Harvey likely to cause gas price surge

Julio Cortez / AP

Hurricane Harvey, expected to make landfall this weekend over southeast Texas, could cause gas prices to surge due to the oil and natural gas infrastructure in the region, according to the U.S. Energy Information Administration.

  • The U.S. Gulf of Mexico accounts for about 20% of U.S. crude oil production. Texas accounts for about a quarter of U.S. natural gas production. Some refineries are expected to shut down temporarily and many oil and natural gas operators have already evacuated.
  • An increase of 5 to 15 cents per gallon is most likely but could increase by as much as 25 cents, Oil Price Information Service analyst Tom Kloza told the AP.
  • Flashback: Take it from Gustav, Ike, and Isaac — they on average shut down more than one million barrels per day of crude oil production and more than 3 billion cubic feet per day of natural gas production, as well as pipeline and refining capacity.

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Morgues, funeral homes and cemeteries in hot spots across America cannot keep up with the staggering death toll of the coronavirus pandemic.

Why it matters: The U.S. has seen more than 10,000 deaths from the virus, and at least tens of thousands more lives are projected to be lost. The numbers are creating unprecedented bottlenecks in the funeral industry — and social distancing is changing the way the families say goodbye to their loved ones.

Navarro memos warning of mass coronavirus death circulated in January

Image from a memo to President Trump

In late January, President Trump's economic adviser Peter Navarro warned his White House colleagues the novel coronavirus could take more than half a million American lives and cost close to $6 trillion, according to memos obtained by Axios.

The state of play: By late February, Navarro was even more alarmed, and he warned his colleagues, in another memo, that up to two million Americans could die of the virus.

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The share of Americans who know someone who's tested positive has more than tripled in just a few weeks, to 14%, according to the latest installment of our Axios-Ipsos Coronavirus Index.

  • It's still highest in the Northeast, but last week alone it doubled in the South — and it's becoming most pronounced among people who still must leave home to work.
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