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.
"Just as a matter of geography, there is no direct effect on the oil and gas market," Pavel Molchanov, a senior energy analyst at Raymond James, told ABC News. "Florida is not an energy-producing state in the way Texas and Louisiana are."
Those facilities produce 485,000 barrels per day and represent 27% of oil production in the Gulf of Mexico but less than 5% of overall U.S. oil production, Lipow said. "It's just one state in the union and a state that really does not produce a lot of food," Kenneth Scott Zuckerberg, lead economist for grain and farm supply with CoBank, told ABC News. "In the grand scheme of things, this is well within the context of what happens in the agricultural sector."
Phosphate, a key ingredient of fertilizer, is mined and manufactured in the Tampa Bay-area, where a single company, Mosaic, produces 50% of North American phosphate fertilizer, theDamage to phosphate-related facilities could disrupt the tight market for fertilizer, but farmers typically accept smaller profit margins rather than pass the cost increases along to consumers, Zuckerberg said.Another top export in Florida, citrus fruit, accounts for 70% of such foods produced in the U.S.
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