Crude oil is $42 a barrel as traders track the movement of two tropical storms in the Gulf of Mexico region. Two major storms are on track to hit the Gulf Coast this week, bringing potentially dangerous flooding and surges to Louisiana, Mississippi, and Texas. Steps taken to protect personnel have shut off almost 58% of oil and 45% of natural-gas production in the Gulf.
Citing health and safety concerns, a coalition of attorneys general representing 14 states and the District of Columbia have filed a lawsuit against the Transportation Department over a new rule that would allow for bulk transportation of liquefied natural gas by rail. The rule was finalized in June to allow LNG to be transported in rail tank cars. Prior to the rule, a special permit was needed for transporting LNG. The states involved in the suit say the rule lacks the necessary safety requirements to minimize the risk to public safety associated with transporting LNG by rail.