A low pressure storm system moved into the southwestern Gulf late last week. The U.S. National Hurricane Center said that there was a 50 percent chance it could turn into a cyclone in 48 hours on Thursday morning.
These odds are actually an improvement from what the Center said previously. There were 70 percent odds that the tropical storm was going to turn into a cyclone. The odds then decreased to 60 percent and finally 50 percent.
Oil companies in the region are preparing by evacuating workers. British Petroleum (NYSE:BP) evacuated its non-essential workers from its four oil and gas platforms in the region. One of the rigs the British company has there is Thunder Horse, which is the largest platform in the world.