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

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
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
Add Fortune on Google for similar content.

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
Add Fortune on Google for similar content.

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
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
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
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Current price of Bitcoin for July 1, 2026
Personal FinanceCryptocurrency
Current price of Bitcoin for July 1, 2026
By Joseph HostetlerJuly 1, 2026
2 hours ago
Current price of Ethereum for July 1, 2026
Personal FinanceEthereum
Current price of Ethereum for July 1, 2026
By Joseph HostetlerJuly 1, 2026
2 hours ago
Top CD rates from major banks July 1, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on July 1, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerJuly 1, 2026
2 hours ago
DHL plane being refuelled at airport by man in high-vis jacket
EnergyAviation
The Iran conflict saw jet fuel prices soar—when you use 1.88 million tonnes a year, how you respond really matters (just ask DHL)
By Sam ForsdickJuly 1, 2026
2 hours ago
Current price of oil as of July 1, 2026
Personal FinanceOil
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
2 hours ago
Current price of silver as of Wednesday, July 1, 2026
Personal Financesilver
Current price of silver as of Wednesday, July 1, 2026
By Joseph HostetlerJuly 1, 2026
2 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
4 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
Commentary
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
By Marc AndersenJune 30, 2026
1 day ago
Current price of oil as of June 30 2026
Personal Finance
Current price of oil as of June 30 2026
By Joseph HostetlerJune 30, 2026
1 day ago
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
8 hours 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.