Latest market-sensitive news and views - Aug. 29

Tropical Storm Idalia is approaching Florida's Gulf Coast, and state officials have discovered that gas distributed from the Port of Tampa has been contaminated, potentially affecting drivers in Southwest Florida.

Chevron has evacuated three oil and gas platforms in the Gulf of Mexico ahead of Hurricane Idalia, which is expected to make landfall in Florida, causing potential gasoline shortages.

Hurricane Idalia's impact, including potential flooding and disruptions to gas prices and oil production, along with rising concerns about low-income Americans struggling with rent and food affordability, are among the key developments highlighted in today's news.

Hurricane Idalia became the 23rd billion-dollar weather disaster in the United States this year, surpassing the previous record set in 2020, highlighting the increasing frequency and cost of such catastrophes, which experts attribute to factors including climate change and ongoing development in disaster-prone areas.

A saildrone captured video footage of Hurricane Idalia in the Gulf of Mexico, offering valuable data that could contribute to improved hurricane forecasting and understanding of rapid intensification.