oil industry

Drivers who plan to hit the road over Labor Day weekend will face higher gasoline prices because of the impact of Hurricane Harvey on the nation's refineries and pipelines.

After several days of heavy rain and flooding, gas prices reached an average of nearly $2.51 a gallon, up 20 cents since two weeks ago and nearly 30 cents since this time last year, although they fell back a bit Friday.

Refineries throughout the Gulf Coast shut down or reduced production a week ago in anticipation of the high winds and heavy flooding from Harvey.

Tropical Storm Harvey has taken lives and caused unprecedented destruction in Texas. It’s also brought that state’s oil refining industry — at least for now — to its knees.

Exxon Mobil, Valero Energy and other producers have shut down or cut back operations.

In Northern Colorado, there are growing concerns in neighborhoods and communities about oil and gas wells sitting too close to their homes and schools. Last Spring, the danger became clearer when a home exploded in Firestone, Colo., killing two people, after a small pipeline connected to a well began leaking odorless gas into the basement.

Texas Tribune

Texas’ Senior US Senator stressed the importance of the North American Free Trade Agreement or NAFTA following President Donald Trump’s comments at a rally in Arizona predicting a termination of the agreement.  

During his campaign-style speech in Arizona, the President said that he doubted the U.S. could renegotiate NAFTA with Mexico and Canada and ultimately terminating the agreement would be a likely outcome.  

US Sen. John Cornyn agrees the trade deal needs to be revamped, but says talk of ending it would be dangerous to the Texas economy.

From Texas Standard:

The Permian Basin in West Texas — already the nation's highest-producing oilfield — is seeing a surge in production, and drillers are extracting more crude oil than refiners here can handle. But now, oil companies in the basin have new outlets for that oil, and it's having an economic impact hundreds of miles away.

"This is not a bubble; this is real growth,” Port of Corpus Christi vessel traffic controller Mike Stineman says as he scans real-time navigation charts. Radio chatter between vessels, the Coast Guard and the Vessel Control Center provide a nonstop audio backdrop for Stineman's day-to-day work.

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