GOLDMAN: Harvey鈥檚 Damage to America鈥檚 Oil Industry Could Last Several Months

Aug. 30, 2017
by Akin Oyedele
Categories:
Industrial Insulation

Hurricane Harvey on Friday slammed the epicenter of Texas' refining industry, which processes about a third of America's oil.

Companies including Exxon Mobil and Valero Energy have shut down their facilities in the area and evacuated workers.

Goldman Sachs estimates that the hurricane has taken 3 million barrels a day 鈥� or about 17% 鈥� of refining capacity offline, and that's likely to increase the overall level of crude-oil inventories over the next couple of months.

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