By September 8, 2017 0 Comments Read More →

Is The U.S. Over-Reliant On Gulf Oil Production?

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This week we covered the impact on the automotive industry of Hurricane Harvey and the likely boost to demand that will come from the replacement of used and new vehicles damaged by the floods.

Today we look at Harvey’s impact on the oil, natural gas and refining markets — not that you will need any reminding of the impact of Harvey if you have been into the gas station to refuel your car.

According to the Financial Times, the average retail price of petrol in the U.S. rose to $2.59 per gallon on Saturday, quoting to the American Automobile Association. That was up about 10 percent from its level the week before Harvey hit, and its highest level since August 2015 as refineries were taken out across southern Texas. Ten refineries in the region were still shut down on Saturday morning, according to the Financial Times, with a combined total of about 2.9 million barrels per day of refining capacity, representing a whopping 16 percent of the U.S. total, according to the Department of Energy…

 

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