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.
Subscribe to 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.
-
UK-India trade deal: how the social security arrangements will workThe Explainer A National Insurance exemption in the UK-India trade deal is causing concern but should British workers worry?
-
Man arrested after 'suspicious' fires at properties linked to Keir StarmerSpeed Read Prime minister thanks emergency services after fire at his former family home in north London
-
Elon Musk's SpaceX has created a new city in Texasunder the radar Starbase is home to SpaceX's rocket launch site
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
