Energy

Tropical Storm Harvey Will Take More Than 1 Million Barrels Of Oil Offline

REUTERS/Sergei Karpukhin

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Chris White Tech Reporter

Damage from tropical storm Harvey could drive nearly 1 million barrels of crude oil produced in Texas out of an already-glutted oil market.

The storm, which began as a Category 4 hurricane on Aug. 25, could mean a loss of hundreds of thousands of oil in Houston and Galveston, Texas. The loss could be even steeper if Corpus Christi, Texas is factored into the model.

Oil producers ExxonMobil and Shell told reporters Sunday night that they are expecting the giant storm to force offline refineries in and around the Texas area. Shell, for instance, was forced to shut down the  Deer Park refinery in southeastern Houston, which supplies more than 340,000 barrels of oil per day.

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