The oil rich city of Houston, Texas over the weekend experienced the worst storm to hit the US mainland in 12 years, Hurricane Harvey, currently a cat
The oil rich city of Houston, Texas over the weekend experienced the worst storm to hit the US mainland in 12 years, Hurricane Harvey, currently a category two storm in the Gulf of Mexico. The storm surges brought life-threatening floods in and around Houston, destroying houses and properties in its wake. Several refineries have been closed and some offshore platforms have been evacuated.
So far that’s knocked out 11 per cent of America’s refining capacity and a quarter of oil production from the US Gulf of Mexico. The Gulf is home to nearly half of the nation’s refining capacity, and the reduced supply could affect gasoline supplies across America. Analysts say the outages caused by Hurricane Harvey will also limit the availability of US crude, gasoline and other refined products for global consumers and could push up prices.
