About a week after Hurricane Harvey, residents and businesses in Houston and southeast Texas are beginning to assess the damage from this powerful storm and massive floodwaters.
The Red Cross estimates that 20,000 to 30,000 residents have sought safety in shelters. The flooding may last past Labor Day and covers an area about as large as Lake Michigan, according to Brad Kieserman, the Red Cross vice president of disaster operations and logistics.
“Good Energy sends our wholehearted support to the people of Houston,” says Good Energy Managing Partner Javier Barrios. “As a company, we’re donating to the Red Cross relief efforts. As family and friends of many who have been affected by the hurricane and floodwaters, we’re doing whatever we can to help Houston and southeast Texas recover.”
Impact Felt Nationwide
Because the southeast Texas is home to many of the nation’s refineries, the hurricane dramatically lowered oil production. About one-tenth of the nation’s refining capacity was offline in the wake of the storm with Exxon Mobil, Petrobras, Phillips 66 and Shell shutting down refineries.
In the weekend following the storm, 25 percent of refinery production stopped, and while some refineries are ramping up production, others may be out of commission for about a month.
As southeast Texas continues to assess the damage on the area’s energy infrastructure, experts aren’t yet able to predict what the loss of production will mean for pricing. Consumers are already seeing increases at the pump, with prices up about 25 cents per gallon in the Houston area and increases of up to 15 cents per gallon elsewhere in the country.
Prepare Your Business
With hurricanes such as Harvey and even typical market fluctuations, the fuel oil market is volatile. Good Energy wholeheartedly donates to the relief effort and helps businesses across the nation be prepared for any similar events.
Good Energy develops such sophisticated energy-buying strategies to prepare customers disasters such as Hurricane Harvey. Having energy industry expertise from Good Energy means you can enter into contracts at the right time and right circumstances to minimize energy costs. Good Energy provides historical versus current price perspectives and recommends energy products and services best suited to your business. To be prepared and learn more about Good Energy’s smarter way to buy energy, visit Good Energy.