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As elevated prices for oil and gas strain U.S. households, the country faces a weather event that some fear will send the costs of these essentials even higher: Hurricane Ian.
The category 4 hurricane on Wednesday sustained wind speeds of 150 miles per hour as it made landfall on Florida’s west coast.
Speaking at an event in Washington, D.C., on Wednesday, President Joe Biden warned oil and gas companies against raising prices amid the storm. « Do not, let me repeat, do not use this as an excuse to raise gasoline prices or gouge the American people, » he said.
Americans need not worry about price increases for gasoline as a result of the hurricane, industry analysts , noting that the path of the storm has averted key oil-producing states, such as Texas and New Orleans.
The storm will not cause widespread food price hikes, either, since Florida isn’t a major producer of food, analysts said. However, the state is a top exporter of citrus fruit — such as oranges and grapefruits — which could experience price hikes depending on the extent of damage, an analyst said.
Here’s what to know about the impact Hurricane Ian will have on gas and food prices:
Hurricane Ian will not affect gasoline prices, industry analysts said.
« I don’t think it’ll have any impact at all, » Andy Lipow, a longtime oil analyst and president of Lipow Oil Associates, .
