• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
FinanceOneTime

Alberto Could Bring $1 Billion in Economic Losses to Gulf Coast

By
Bloomberg
Bloomberg
and
Wilder Davies
Wilder Davies
Down Arrow Button Icon
By
Bloomberg
Bloomberg
and
Wilder Davies
Wilder Davies
Down Arrow Button Icon
May 27, 2018, 12:24 PM ET
Tropical Weather, Gulfport, USA - 26 May 2018
Mandatory Credit: Photo by Rogelio V. Solis/AP/REX/Shutterstock (9694280b) Tommy Whitlock, Joseph Buckner. Tommy Whitlock, left, places a filled sand bag onto his trailer at a Harrison County Road Department sand bag location, as his friend Joseph Buckner adjusts the load while preparing for Subtropical Storm Alberto to make its way through the Gulf of Mexico in Gulfport, Miss., . Whitlock, who lives near a creek wants to keep the spill off water from entering his home. The slow moving storm is threatening to bring heavy rainfall, storm surges, high wind and flash flooding this holiday weekend. Several similar setups were placed throughout the Mississippi Gulf Coast to help residents protect their property. The sandbagging process was left to the residents Tropical Weather, Gulfport, USA - 26 May 2018Rogelio V. Solis—AP/REX/Shutterstock

Slowly strengthening Subtropical Storm Alberto could cause more than $1 billion in economic losses to the U.S. Gulf Coast as it tracks north, bringing a growing threat of floods, but it’s had little impact on offshore energy production.

Alberto’s top winds rose to 50 miles (80 kilometers) per hour early Sunday, up from 40 earlier, the National Hurricane Center said in a 11 a.m. New York time advisory. Winds are forecast to reach 60 mph 12 hours and it should be over land in the Florida Panhandle in 24 hours. A storm’s winds need to reach 74 mph to be called a hurricane.

Governors in Florida, Mississippi and Alabama on Saturday declared states of emergency.

“The main concern from Alberto is flooding; not so much along the immediate coast, but inland, from the heavy rains that are coming on top of over a week of rain across the southeast,” said Chuck Watson, a disaster modeler at Enki Research in Savannah, Georgia. “A secondary concern is that even relatively minimal tropical storm winds can topple trees due to saturated soils and water-heavy limbs.”

Picnics Ruined

Last week, another pulse of tropical moisture that didn’t rise to the level of a storm soaked the South.

Alberto could cause $400 million to $500 million across the South, including damage to cars crushed by toppled trees, wrecked roofs and flooding, Watson said in an interview. On top of that, there could be as much as $600 million in lost holiday spending as Alberto puts a damper on plans during the Memorial Day three-day weekend.

There’s a chance Alberto could come ashore early Monday, said Dan Pydynowski, a meteorologist with AccuWeather Inc. in State College, Pennsylvania.

Flood and flash-flood watches are spread across Mississippi, Alabama and Florida, where 4 to 7 inches (10 to 18 centimeters) of rain could fall through early next week and reach into South Carolina, North Carolina and Tennessee expected to be hit by Alberto’s remnants, the National Weather Service said.

Alberto’s moisture could push all the way to Canada in coming days, Pydynowski said.

Southwest of Tampa

“We will be dealing with the rainfall and the moisture for most of the week,” Pydynowski said. “But the winds will die down pretty quickly.”

The storm was about 130 miles west-southwest of Tampa, moving north at 14 mph, the hurricane center said.

On Friday, Exxon Mobil Corp. pulled non-essential personnel from its Lena oil production platform and Royal Dutch Shell Plc shut in its Ram Powell hub, but most other energy companies are leaving offshore crews in place while they watch 2018’s first Atlantic storm.

Chevron Corp. also shut oil production and evacuated personnel from its Blind Faith and Petronius platforms Saturday.

Alberto formed days ahead of the official start of the six-month Atlantic hurricane season on June 1. In the end, it might not be wind and disruption to energy production that the storm is best known for.

Storms in the Gulf are closely watched because 5 percent of U.S. natural gas and 17 percent of crude-oil production comes out of the region, according to the Energy Information Administration. Onshore areas along the coast also account for about 45 percent of U.S. refining capacity and 51 percent of gas processing.

About the Authors
By Bloomberg
See full bioRight Arrow Button Icon
By Wilder Davies
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

View of the Augusta National Golf Club
Real EstateGolf
A 93-year-old refused to sell her home to the Masters golf course that’s spent $280 million on expansion: ‘Money ain’t everything’
By Marco Quiroz-GutierrezApril 12, 2026
12 minutes ago
grantham
Investingbubble
Legendary investor says the AI boom masks a deeper crisis: Falling sperm counts, shrinking populations, and vanishing resources
By Nick LichtenbergApril 12, 2026
32 minutes ago
middle
EconomyWealth
Turns out the American middle class didn’t die. It got richer—and felt poorer
By Nick LichtenbergApril 12, 2026
1 hour ago
boomer
CommentaryLongevity
America is not ready for its own longevity crisis — and 2026 is the wake-up call
By Aimee DeCamillo and Diane TyApril 12, 2026
2 hours ago
Donald Trump stands behind a podium while pointing a finger in front of him.
EconomyTariffs
‘People are trying to be creative’: Tariff-battered American companies are so cash-starved they are using refund claims as collateral for loans
By Sasha RogelbergApril 12, 2026
4 hours ago
Former Citgo Petroleum interim CEO José Pereira was one of the 'Citgo Six' political prisoners held captive in Venezuela for nearly five years.
EnergyVenezuela
Former ‘Citgo 6’ political prisoner sees ‘karma’ in Maduro ouster, but Venezuelan oil won’t rebound until there’s true regime change
By Jordan BlumApril 12, 2026
5 hours ago

Most Popular

'This is the last warning.' Iran threatens U.S. warships after they throw down the gauntlet for winner-take-all Strait of Hormuz
Politics
'This is the last warning.' Iran threatens U.S. warships after they throw down the gauntlet for winner-take-all Strait of Hormuz
By Fortune EditorsApril 11, 2026
13 hours ago
Palantir CEO says AI ‘will destroy’ humanities jobs but there will be ‘more than enough jobs’ for people with vocational training
Future of Work
Palantir CEO says AI ‘will destroy’ humanities jobs but there will be ‘more than enough jobs’ for people with vocational training
By Fortune EditorsApril 11, 2026
1 day ago
The 'affordability economy' has created a housing market nobody predicted: Prices collapsing in the Sun Belt, soaring in the Rust Belt
Real Estate
The 'affordability economy' has created a housing market nobody predicted: Prices collapsing in the Sun Belt, soaring in the Rust Belt
By Fortune EditorsApril 11, 2026
1 day ago
Warren Buffett says 'accumulating great amounts of money' doesn’t achieve greatness—He still lives in a $31,500 Nebraska home and clipped coupons
Success
Warren Buffett says 'accumulating great amounts of money' doesn’t achieve greatness—He still lives in a $31,500 Nebraska home and clipped coupons
By Fortune EditorsApril 11, 2026
1 day ago
Navy tests Hormuz blockade as expert says U.S. military prepares for round 2 and could degrade Iran's hold over the strait to a 'manageable level'
Politics
Navy tests Hormuz blockade as expert says U.S. military prepares for round 2 and could degrade Iran's hold over the strait to a 'manageable level'
By Fortune EditorsApril 11, 2026
19 hours ago
Scottie Scheffler joined Tiger Woods and Rory McIlroy in golf's $100M club—and donated his entire Ryder Cup stipend to charity
Success
Scottie Scheffler joined Tiger Woods and Rory McIlroy in golf's $100M club—and donated his entire Ryder Cup stipend to charity
By Fortune EditorsApril 10, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.