U.S. MARKET FLASH – SEPTEMBER 2017
Hurricanes, tropical storms and floods are familiar occurrences in Houston and the surrounding Texas Gulf region; more than eight severe floods/hurricanes have impacted the Houston MSA since 1998.
But when Hurricane Harvey struck the region near Rockport, TX on August 25, the Category 4 storm was the strongest to hit the region since 1961, dumping more than 50 inches of rain in a matter of days and causing extensive property damage due to flooding.
In addition to its devastation on Greater Houston, Harvey’s impact was national in scope as well. Port Houston-the largest U.S. port in foreign tonnage and home to the nation’s largest petrochemical complex– closed for 4 1/2 days after the hurricane and reopened on September 1. Most refineries along the Texas Gulf Coast, which is the nation’s largest producer of oil and
gasoline, have also restarted operations, while others, such as Valero, have returned to pre-storm fuel-making rates. Nationally, consumers will see an increase in gas prices of about $0.08 – $0.10 for the next several months.