Hurricane Idalia’s effects could go beyond power outages and general storm damage; it could worsen gas prices as the country already suffers from inflation under President Joe Biden’s administration.
An update from the Nasdaq Advisory Services Energy Team warns of the effects the storm could have on gas prices ahead of Labor Day weekend — a major traveling holiday for countless Americans across the country.
“Meanwhile, Tropical Storm Idalia is expected to strengthen into a hurricane today and reach the Florida coast on Wednesday which could pose risk to oil and gas output in the U.S. gulf,” the update reads. “A stronger dollar and the prospect of further interest rate hikes is also dampening investor sentiment.”
That news comes as gas prices sit around $3.823 nationally, according to AAA’s latest update.
CNN added greater perspective, noting that gas prices are already sitting at the “second highest price for this time of year since at least 2004, according to Bespoke Investment Group.”
“The only time the national average has been higher for this period was last summer, when prices hit $3.85 a gallon,” it added.
The storm is expected to strengthen to a Category Three as it barrels toward the Big Bend region of Florida’s west coast. Landfall is expected early Wednesday morning, as the state’s west coast has both hurricane and tropical storm warnings in effect — the latter of which is in effect for portions of the east coast of Florida as well.
RELATED — Florida Residents Gear Up for Potentially Life-Threatening Hurricane Idalia
The National Hurricane Center (NHC) is warning of “destructive life-threatening winds” across the state as well as storm surges of 10–15 feet in some areas.
Florida Gov. Ron DeSantis (R) said on Tuesday that over 25,000 linemen are ready to respond to power outages across the state and predicted that there will ultimately be 30,000 to 40,000 ready to respond when the time comes.
The governor said Tuesday morning:
We had as of this morning over 25,000 linemen stationed [and] more on the way so you will have most likely between 30,000 and 40,000 linemen. When the storm hits [they] will be in the state of Florida and then they will immediately move to commence power restoration efforts.
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