Oil

About 22 percent of U.S. Gulf of Mexico oil production is offline due to Tropical Storm Harvey, the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday.

Damage assessments at four Corpus Christi, Texas, area oil refinerieswere underway on Saturday, a first step toward resuming production at the plants with combined capacity of 836,000 barrels-per-day (bpd), according to Gulf Coast refining sources.

Damage assessments at four Corpus Christi, Texas, area oil refinerieswere underway on Saturday, a first step toward resuming production at the plants with combined capacity of 836,000 barrels-per-day (bpd), according to Gulf Coast refining sources.

Key oil and gas facilities along the Texas Gulf Coast have temporarily shut down as Hurricane Harvey pounds the region with torrential rain and high winds, virtually assuring gasoline prices will rise in the storm's aftermath.

Key oil and gas facilities along the Texas Gulf Coast have temporarily shut down as Hurricane Harvey pounds the region with torrential rain and high winds, virtually assuring gasoline prices will rise in the storm's aftermath.

Extreme flooding threatens to bring Texas shale activity to a halt. Many offshore rigs and refineries have already shut down.

Oil prices rose on Friday as the dollar fell and as U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade.

FBN’s Lauren Simonetti on Hurricane Harvey’s impact on gas prices, Apple and the markets.

FBN’s Lauren Simonetti on Hurricane Harvey’s impact on gas prices, Apple and the markets.

Hurricane Harvey could cause U.S. gasoline prices to rise, with the storm expected to hit a refinery-rich stretch of the Gulf Coast.

The storm may disrupt operations at up to 30 refineries located along the Texas coast.

Oil prices slipped on Thursday, giving up some recent gains as the dollar strengthened ahead of a meeting of central bankers in Jackson Hole, Wyoming, which could signal changes to monetary policy.

Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil announced they were curbing some oil and gas output on Wednesday at facilities in the Gulf of Mexico ahead of a storm expected to hit the Texas coast later this week.

Oil prices rose on Wednesday after U.S. crude inventories declined for the eighth straight week and a storm approached the Gulf Coast with the potential to disrupt oil and refined products output.