The tropical storm formerly known as Hurricane Harvey is continuing to cause massive flooding in Texas, and analysts say the state's oil and gas industry has been hit very hard.
Almost a third of US refining capacity is in the affected coastal areas, and experts say closures due to flooding could pinch the gas supply, sending prices up as much as 25 cents a gallon.
"This is the dominoes starting to fall," a GasBuddy petroleum analyst tells the AP. "This is sort of slowly turning out to be the worst-case scenario." In other developments:
- Dams opened. The US Army Corps of Engineers opened the Addicks and Barker flood-control dams on the western outskirts of Houston overnight in a controlled release to prevent uncontrollable flooding of downtown Houston, KHOU reports. Thousands of nearby residents were advised to pack their bags overnight and leave their homes Monday morning.
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