Texas Energy Industry Evaluates Hurricane Beryl's Damages to Shipping Ports, Oil Production Sector

By Jace Dela Cruz

Jul 09, 2024 08:53 AM EDT

The Texas energy industry is assessing the damage from Hurricane Beryl, which struck the US Gulf Coast and affected key shipping ports, as well as the oil refining and production sectors. 

According to Reuters, Beryl struck near Matagorda, Texas, on Monday with winds reaching 80 mph, impacting a crucial area for the country's energy production.

Hurricane Beryl Impacts Texas Coastline
SURFSIDE BEACH, TEXAS - JULY 08: Homes are surrounded in floodwater after Hurricane Beryl swept through the area on July 08, 2024 in Surfside Beach, Texas.
(Photo : Brandon Bell/Getty Images)

Texas Bears the Brunt of Hurricane Beryl

Texas is the largest oil and gas-producing state in the US, contributing around 40% of the country's oil and 20% of its gas output. On Monday, US crude futures fell by 83 cents to $82.33 per barrel, influenced by the storm's disruptions and potential ceasefire developments in Gaza.

Fuel futures also fell, with major Gulf Coast refineries reporting minimal impact from the storm. Fuel marketer TAC Energy noted that the storm avoided major production hubs in Corpus Christi and Houston, reducing the risk of significant supply disruptions. 

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2.7 Million Homes and Businesses in Texas Impacted

Over 2.7 million homes and businesses in Texas experienced power outages on Monday afternoon, with CenterPoint Energy reporting 2.2 million customers without electricity and warning of potential prolonged outages.

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