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.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact firstname.lastname@example.org.