What Hurricane Ian means for food and gas prices

Hurricane Ian will not cause a hike in food and gas prices, with one exception.

As elevated prices for oil and gas strain U.S. households, the country faces a weather event that some fear will send the costs of these essentials even higher: Hurricane Ian.

The category 4 hurricane on Wednesday sustained wind speeds of 150 miles per hour as it made landfall on Florida's west coast.

Speaking at an event in Washington, D.C., on Wednesday, President Joe Biden warned oil and gas companies against raising prices amid the storm. "Do not, let me repeat, do not use this as an excuse to raise gasoline prices or gouge the American people," he said.

Americans need not worry about price increases for gasoline as a result of the hurricane, industry analysts told ABC News, noting that the path of the storm has averted key oil-producing states, such as Texas and New Orleans.