Impact on energy: A slow-moving tropical system in the northern Gulf of Mexico is being closely watched by energy markets, as Gulf storms can disrupt natural gas and oil production, gas processing and oil refining operations. Even weak systems can cause power outages that may last for days and further affect energy infrastructure. The system, which may strengthen into Tropical Storm Bertha, is moving northwest across the Gulf Coast region. Bloomberg has the full story.
More pump pain: U.S. gasoline prices have climbed back to an average of $4 per gallon as renewed U.S.-Iran attacks drive oil markets higher and raise concerns over supply disruptions. Prices remain significantly above last year’s average, with regional differences influenced by supply conditions and taxes. Rising fuel costs are adding to affordability pressures as higher oil prices threaten to increase expenses for transportation, groceries and other goods. The Associated Press has the full story.
Easier to produce: Lockheed Martin announced a new, cheaper Patriot missile variant, the PAC-3 Adapted Capability Effector, designed to be produced faster and cost less than half the price of its PAC-3 Missile Segment Enhancement interceptor. The missile is intended to defend against threats such as cruise missiles and short-range ballistic missiles as the U.S. and allies face dwindling stocks of expensive interceptors. The Wall Street Journal has the full story.
