Investing.com - Merely two weeks after Hurricane Harvey hit Texas in full force – another threatening Hurricane is on the horizon.
Hurricane Harvey wreaked havoc over Texas, killing at least 66 people and causing billions of dollars in damages. Economic losses are preliminarily estimated between 100 and 200 billions of dollars.
Oil production in the Gulf of Mexico declined by 21%, while Natural Gas production lowered by 25%.
Hurricane Harvey also brought higher Natural Gas and Gasoline prices, with United States Gasoline reaching $30 for the first time since January.
Right now, Hurricane Irma is a category 5 Hurricane, posing a threat to parts of the Caribbean. Forecasters are unsure of the potential effects Hurricane Irma may have on the continental United States.
Initial forecast models expect Irma to approach the Bahamas before turning north or northwest. However, experts caution from the unpredictability of storms, and only time will tell exactly what course the Hurricane Irma will take.
In any case, should Irma turn towards making landfall in the continental United States - it is not expected to arrive before late next weekend, at the earliest.
Investors and citizens alike will be watching for weather reports, to keep safe and anticipate energy price movements over the coming weeks. Be safe.