By Shariq Khan
In the wake of Hurricane Milton, a Category 4 storm barreling towards Florida's Gulf Coast, panic-buying has led to gasoline shortages at a growing number of retailers in the state. With over 1 million people ordered to evacuate, the demand for fuel has skyrocketed as residents prepare for the impending landfall.
As of Tuesday morning, 15.8% of Florida's gasoline stations had run out of fuel, a stark increase from the previous day, according to data from GasBuddy. The closure of ports and terminals, including Kinder Morgan's Central Florida Pipeline system and CITGO Petroleum's Tampa terminal, has further exacerbated the situation.
Experts warn that Hurricane Milton could be the most significant disruptor to Florida's gasoline supply since Hurricane Andrew in 1992. With major fuel distribution networks at risk and deliveries coming to a near-halt, the impact on the state's economy and residents' daily lives could be substantial.
Investors should closely monitor the situation in Florida as the storm approaches landfall on Wednesday. The potential long-term effects on gasoline prices and supply chains could have far-reaching implications for the financial markets.