CRISIS/NATIONAL DEBT: “Tropical Storm Harvey will take a financial toll on the nation’s economy, but how much of one depends on the extent of flooding in the coming days.
Even after the immediate threat from Harvey has passed and the floodwaters receded, the Texas Gulf Coast faces tens of billions of dollars in property damage, bottlenecks at some of the nation’s largest oil refineries, and work disruptions possibly for millions of workers…
Moreover, the storm could impact the economy nationwide due to the large oil refining presence in the Gulf Coast. Refiners in Corpus Christi, Lake Charles and Houston have about 30% of the nation’s oil refining capacity.
About 2 million barrels a day of refining capacity—about 10% of the nation’s overall refining capacity—is now offline, according to Moody’s. How soon refiners reopen will depend on whether the plants and the ports sustain major damage from the flood. But refiners outside the region may be able to step up production to offset some of the effects.”
-Josh Zumbrun, “Tropical Storm Harvey Will Cost Tens of Billions of Dollars,” The Wall Street Journal online, Aug. 28, 2017 06:00pm