The largest oil refinery in the country is shutting down as Hurricane Harvey causes more catastrophic flooding. Early Wednesday, Motiva said it started closing its Port Arthur refinery "in response to increasing local flood conditions." Motiva's decision follows a move by ExxonMobil (XOM) to shut down its oil refinery in Baytown, Texas on Sunday. The Motiva refinery is owned by Saudi Arabia. Saudi Aramco, the kingdom's state-owned oil giant, took full control of the plant in May.

Source: CNN August 30, 2017 12:00 UTC