Hurricane Harvey closes key oil and gas facilities in Texas

28 Aug 2017   Oil Supply, Prices

Key oil and gas facilities along the Texas Gulf Coast have temporarily shut down as Hurricane Harvey pounds the region with torrential rain and high winds, virtually assuring gasoline prices will rise in the storm’s aftermath. Even before the Harvey made landfall late Friday, dozens of oil and gas platforms had been evacuated, at least three refineries had closed and at least two petrochemical plants had suspended operations. How soon they reopen depends on the severity of flooding and the resumption of power to the areas. Experts say it’s still too early to say, with the storm still moving through the region. But they believe gas prices will increase 5 cents, to 25 cents per gallon. Hurricane Harvey also continued to take a toll on U.S. air travel Saturday, with more than 960 flight cancellations as of mid-day, according to FlightAware. Nearly 800 of the cancelled flights were scheduled […]

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