Stunning Drone Footage Of The Midwest Flooding Wreaking Havoc On US Oil
by Tyler Durden
ZeroHedge.com
01/02/2016
After the first deadly winter storm this season, now come the floods: the near-record water level across the U.S. Midwest has disrupted everything from oil to agriculture, forcing pipelines, terminals and grain elevators to close. This is the worst flood in the region since May 2011, when rising water on the Mississippi and its tributaries deluged cities, slowed barge traffic and threatened refinery and chemical operations and is just shy of the worst flood of breaking 30-year records.
According to Bloomberg, the floods have killed at least 20 people and shut hundreds of roads across Missouri and Illinois, according to AccuWeather Inc. Rain-swollen rivers will set records in the Mississippi River basin through much of January. Fifty miles (80 kilometers) of the Illinois River remain closed, according to the U.S. Coast Guard, as well as five miles of the Mississippi River.
Additionally, the Coast Guard issued a high-water safety advisory for 566 miles of Mississippi River between Caruthersville, Missouri, and Natchez, Mississippi. It also instituted high-water towing limitations near Morgan City, Louisiana, for vessels heading south that are 600 feet or shorter, it said in a statement.
And while water levels have started to recede in some areas, closures and restrictions remain in place for safety, said Jonathan Lally, a spokesman for the U.S. Coast Guard. “The high water is kind of moving in a big glob and it’s on its way down,” he said Friday in a telephone interview from New Orleans.
The impact of the flood has hit farmers, with hog producers in southern Illinois calling other farmers, hoping to find extra barn space to relocate pigs. Processors are sending additional trucks to retrieve market-ready pigs, she said. In one case, an overflowing creek took out electricity and made roads impassable, causing 2,000 pigs to drown.
But the flood’s most adverse economic impact may be on oil, which may see an even greater increase in stockpiles as a result, pushing the price of oil even lower.
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