Motiva's oil refinery in Port Arthur, Texas — the largest refinery in the country — was forced to shut down operations Wednesday due to the unprecedented flooding from Tropical Storm Harvey, CNN Money reports. "It will be a while before operations can return to normal, and the U.S. refining industry is bracing itself for an extended shutdown," PVM oil analyst Stephen Brennock told CNBC.
Goldman Sachs estimates 23 percent of U.S. fuel production was offline Tuesday, and gasoline slated for September delivery climbed 5.89 cents on the New York Mercantile Exchange to $1.84 a gallon, its highest point in two years, Bloomberg reports. "Analysts predict drivers will see higher gasoline prices due to restrictions on supply," CNN Money reports.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The return to the stone age in house buildingUnder the Radar With brick building becoming ‘increasingly unsustainable’, could a reversion to stone be the future?
-
Rob Jetten: the centrist millennial set to be the Netherlands’ next prime ministerIn the Spotlight Jetten will also be the country’s first gay leader
-
Codeword: November 4, 2025The Week's daily codeword puzzle
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
