Several Houston-area refineries were shut down Sunday, taking roughly 12% of U.S. fuel-making capacity out of commission, as Hurricane Harvey continued to drench the city. Harvey is expected to linger over Texas until Tuesday, dropping another 15 to 30 inches of rain. Concerns over the impact of refinery closures on U.S. fuel supplies caused volatile gasoline prices in futures markets in recent days. During Katrina, gasoline prices soared by as much as 70 cents a gallon in some parts of the country immediately after the storm, while shortages lingered for days. The last hurricane to hit Texas was Ike in 2008, when oil prices were falling amid the financial crisis.

Source: Wall Street Journal August 27, 2017 18:33 UTC