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Charlie Riedel / AP

Harvey's devastating flooding is hitting a state and region that's a central hub for the energy sector. For instance, BP and Shell alone have roughly 11,000 employees in the Houston region combined.

The storm is closing down refineries, some crude oil production offshore in the Gulf of Mexico and onshore in the Eagle Ford shale region, pipelines, shipping, and other infrastructure networks.

Via a sobering Reuters story: "Damage assessments could take days to weeks to complete, and the storm continues to drop unprecedented levels of rain as it lingers west of Houston, home to oil, gas, pipeline and chemical plants. And restarts are dangerous periods, as fires and explosions can occur."

Power loss: Over 300,000 people are without electricity, according to the Electric Reliability Council of Texas, which oversees the Texas power grid.

Gasoline: The disruption of Gulf Coast refining and pipeline networks will send prices upward nationwide, and gasoline futures are already trading higher.

  • On Sunday night, GasBuddy analyst Patrick DeHaan issued a forecast that prices in the Gulf region will rise by as much as 35 cents per gallon over the next two weeks. The midwest is due for a 10-25 cent rise, with smaller increases in other regions.
  • Gasoline futures were around 6% higher in Asian trading on early Monday, and The Wall Street Journal reports: "Energy markets could be in for a bumpy ride when they open Monday as investors try to gauge the impact of the disruption."

Refineries affected: The storm has forced the shutdown of multiple refineries in Corpus Christi, Houston, and elsewhere in the Gulf of Mexico, such as Exxon's huge Baytown facility that processes nearly 600,000 barrels of crude per day and Shell's big Houston-area refinery, which has a 340,000 barrel-per-day capacity.

  • Nearly three million barrels of refining capacity, or over 16% of the U.S. total, has been taken offline, according to a Goldman Sachs research note Monday morning.
  • "At this stage, most of the refining outages are reported as preventive, with only a few comments on minor flooding. However, the slow moving nature of the storm will likely lead to these shut-downs continuing in coming days and may generate persistent damage as well," Goldman said.
  • "Some of the issues around gasoline and refinery production are going to be a little bit enduring, at least for the next month," Wayne Gordon, a top analyst at UBS, told Bloomberg late last night.

Crude oil: The Interior Department said in a Sunday afternoon update that 105 Gulf of Mexico's platforms have been evacuated. Nearly 22% of Gulf of Mexico oil production has been halted.

  • Yes, but: Overall, the storm has been harder on the refining sector than on oil production, notes Goldman, stating that overall about 11% of total U.S. crude production is halted, including offshore and onshore. The heart of the Gulf of Mexico producing area was not in the storm's direct path, and the greater production impact has been onshore wells, they note.

Horrifying: Via Mashable, one meteorologist believes ongoing rainfall in Texas could eventually lead to a total of 25 trillion gallons dropped on the state, with 11 trillion having occurred already.

Go deeper

Updated 3 hours ago - World

Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

The latest: Haitian police inspector Frantz Champagne identified the 400 Mawozo gang as the group responsible, in a statement to AP.

Hollywood union reaches deal with studios to avert strike

Photo: AaronP/Bauer-Griffin/GC Images

A Hollywood workers' union reached a tentative deal with studios, networks and streamers that will guarantee better working conditions, meal breaks and increased wages for low-paid workers, the International Alliance of Theatrical Stage Employees (IATSE) announced Saturday night.

Why it matters: The deal, which still needs to be ratified by IATSE members, will avert a nationwide strike by film and television workers that was set to start Monday. It would have been the first strike in the union's 128-year history.

Bill Clinton released from hospital following treatment for non-COVID infection

Photo: Tasos Katopodis/Getty Images/Bloomberg via Getty Images

Former President Bill Clinton was discharged from the University of California, Irvine Medical Center on Sunday, nearly a week after he was admitted for a non-COVID-related infection, according to his spokesperson Angel Ureña.

What they're saying: "His fever and white blood cell count are normalized and he will return home to New York to finish his course of antibiotics," wrote Dr. Alpesh Amin, who has been overseeing the team of doctors treating Clinton. "On behalf of everyone at UC Irvine Medical Center, we were honored to have treated him and will continue to monitor his progress."

Worth noting: Clinton had a urinary tract infection that spread to his bloodstream, per CNN.

  • The California-based medical team had been administering IV antibiotics and fluids, and was in constant communication with Clinton's New York team, including his cardiologist, according to the former president's physicians.
  • President Biden spoke by phone with Clinton on Friday to see how he was doing, and the catch-up included a discussion of recent politics.