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Hurricane Harvey Idles 25% of U.S. Oil Refining Capacity
Hurricane Harvey has now idled or disrupted 15 oil refineries along the U.S. Gulf Coast, according to the U.S. Dept. of Energy.
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Hurricane Harvey has now idled or disrupted 15 oil refineries along the U.S. Gulf Coast, according to the U.S. Dept. of Energy.
The shutdowns have temporarily knocked out roughly 3 million barrels per day of fuel production, or 25% of the nation’s overall capacity.
The shutdowns include the country’s largest refinery, the Motiva Enterprises complex in Port Arthur, Tex. Experts say it may take two weeks or more before major refineries in the hard-hit Houston area can return to normal operations.
The disruptions boosted retail gasoline prices today by an average 5 cents per gallon to $2.45, according to AAA. The average was at $2.35 per gallon a week ago. Analysts say an additional 10-15 cents of increases appear likely. Prices in the Gulf states most affected by the disaster remain among the country’s lowest.
U.S. drivers consume nearly 10 million barrels of gasoline per day. The nation’s refinery output has dropped to 8 million barrels. But with nearly 230 million barrels of gasoline in inventory, no overall shortage will occur, says the U.S. Energy Information Administration.
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