Harvey Ripples Through U.S., Global Energy Markets

31 Aug 2017   Prices

Rainwater from Hurricane Harvey surrounds oil refinery storage tanks in Texas City, Texas. Tropical storm Harvey’s crippling of Gulf Coast refineries, ports and pipelines is being felt across the country and even globally, a result of a U.S. energy boom that has made the country and the world increasingly reliant on Texas. Harvey shut down a third Gulf Coast refining center Wednesday , and is knocking on the door of a fourth. More than a dozen refineries are affected—including the country’s two biggest, Saudi Arabian Oil Co.’s Motiva facility in Port Arthur and Exxon Mobil Corp.’s XOM -0.46% Baytown facility—cumulatively representing more than 30% of U.S. refining capacity, according to IHS Markit. More than 3 million barrels a day of refining capacity in Texas remained shut Wednesday morning, according to analysts, more than Brazil’s daily national consumption of petroleum products. Three shuttered refineries said on Wednesday they were either […]

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