Hurricane Ida Shut Oil Production. Why Oil Prices Aren’t Rising.

 Hurricane Ida Shut Oil Production. Why Oil Prices Aren’t Rising.

Hurricane Ida knocked nearly all of the oil production in the Gulf of Mexico region. Oil prices, however, are little changed and natural gas prices are falling. Here’s what’s going on.

There’s no doubt Ida was bad for oil production. Nearly 95% of oil and gas production in the Gulf had been shut down because of the hurricane, according to S&P Global Platts.

Oil…

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