If you're interested in donating to Hurricane Harvey relief, here is a link to Global Giving. All funds given using this link will go directly to serving Hurricane Harvey victims.
Gulf Coast, TX -- Hurricane Harvey (now downgraded to a tropical storm), is hurting the Gulf Coast energy hub as major refineries are forced to close.
At this point, ten oil refinery plants have closed in Houston and Corpus Christi. When weather is normal, these refineries refine 2 million barrels of oil a day, on average. The S&P estimated that approximately 2.2 million barrels per day of oil capacity were offline due to the tropical storm.
The Gulf Coast is home to 1/3 of the country's capacity to turn oil into gas, diesel , and other products. F.E. Moran Special Hazard Systems has a Gulf Coast office that serves this sector in La Porte, TX.
Last Friday, Hurricane Harvey made landfall as a Category 4. By mid-Saturday, it was down-graded to a tropical storm. While it was downgraded to a tropical storm, it continued to impact Texas. Houston, TX saw severe flooding with ten-feet of water in some parts.
On Sunday, 105 workers from oil and gas production platforms were evacuated. About 22% of the oil produced in the Gulf was shut down that day.
The last hurricane to negatively impact the oil industry was Hurricane Gustav in 2008.