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Category 4 Hurricane Ida after making its two landfalls in Louisiana on Aug. 29, 2021. (CIRA/RAMMB)

Hurricane Ida has left over 1 million homes and businesses without power, mostly in Louisiana, after making landfall as a powerful Category 4 storm on Sunday.

Driving the news: Ida also greatly disrupted Gulf of Mexico and Gulf coast oil-and-gas and petrochemical operations, but the full scope of the damage — and environmental hazards — will take time to assess.

The big picture: All of New Orleans lost power last night after Entergy, the utility that serves the city, said the storm's "catastrophic intensity" knocked transmission offline. Some areas may be without power for weeks, it said.

  • On the oil-and-gas front, as of Sunday, 97% of Gulf of Mexico oil production and 94% of natural was shut down in advance of the storm and companies evacuated many workers, per the Interior Department.
  • At least nine refineries in Louisiana halted or reduced operations in advance of the storm, accounting for around 2.3 million barrels per day of capacity, or 13% of the U.S. total, per the Energy Department.
  • Colonial Pipeline, the huge eastern U.S. fuel artery, temporarily shut lines that run from Texas to North Carolina as a precautionary measure.

What we're watching: The human and environmental toll, but also the market effects as refineries assess the damage and restart timelines.

Yes, but: Oil prices have not surged despite the outages. That's likely due to several factors, including...

  • Supplies in storage and traders are not expecting prolonged offshore production and transportation disruptions despite damage to regional port infrastructure.
  • The Gulf's share of U.S. oil production has fallen thanks to the shale boom. Also, the Delta variant's spread is bearish for prices.

Go deeper

Coast Guard estimates California oil spill at nearly 25,000 gallons

Clean-up crews look for oil washing up near the pier in Huntington Beach, California, on Monday, as visitors returned to the beach. Photo: Paul Bersebach/MediaNews Group/Orange County Register via Getty Image

The Coast Guard estimates that nearly 25,000 gallons of crude oil were spilled in an offshore pipeline leak in Southern California, AP reports.

Why it matters: The estimate is on the lower end of what officials initially feared when the state's Justice Department began investigating the massive oil spill off Orange County's Huntington Beach coastline. Officials originally thought the leak to be at least 25,000 gallons and no more than 132,000 gallons.

Biden administration outlines "ambitious" plans for coastal wind farms

The Block Island Wind Farm off the coast of Block Island, R.I. Photo: David L. Ryan/The Boston Globe via Getty Images

The Biden administration plans to identify and lease federal waters along seven coastal areas to offshore wind power developers over the next few years, Interior Secretary Deb Haaland announced Wednesday.

Why it matters: The new plan constitutes an aggressive push by the federal government to reach its goal of 30 gigawatts of offshore wind-generating capacity in U.S. waters by 2030.

Global energy crisis could dim climate hopes

Illustration: Annelise Capossela/Axios

An energy crisis around the world is hitting households and manufacturers that were already struggling to recover from the global pandemic.

Why it matters: This is a perfect storm of crises. It features supply shortages, especially from China; inflation; slowing growth; labor shortages; Russia’s continued geopolitical muscle-flexing and, of course, the fear that the world will burn to a crisp.

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