Vehicles sits half submerged in floodwaters in a residential area of Houston in the aftermath of Hurricane Harvey, Sunday. Photo: reuters/ReutersExxon Mobil Corp. is shutting down its massive Houston-area refinery—the second largest in the U.S.—as torrential floodwaters from Hurricane Harvey paralyze large portions of the area. Baytown’s closure compounds concerns about fuel shortages that could develop in the coming days and weeks as the rain continues. The Texas coast is home to nearly 30% of U.S. refining capacity and Houston-area plants account for roughly half of that. The last hurricane to hit Texas was Hurricane Ike in 2008, when oil prices were falling amid the financial crisis.

Source: Wall Street Journal August 27, 2017 16:30 UTC