Largest oil refinery in U.S. shuts down due to Harvey, spiking gas prices
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.
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