Just a few days after Hurricane Harvey made landfall, a crisis hit gas pumps across Texas. Although concerns over a gas shortage were more imagined than an actual threat, the storm’s effects on the energy industry are both real and extend into the foreseeable future.
Matt Smith, director of commodity research at ClipperData, explains how Hurricane Harvey’s effects on refineries combined with increased exports to Asia have made the U.S. one of the leading exporters of crude oil in the world.
What you’ll hear in this segment:
–How Harvey affected crude oil consumption and prices in Texas
–Why the U.S. is becoming one of the top crude oil exporters in the world
–Why Asia is emerging as the leading destination for Texas oil
Written by Rachel Zein.