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Harvey Brings ‘Catastrophic’ Flooding to the Texas Coast

  • Days of rising water in store for heart of U.S. energy sector
  • Downgrade to tropical-storm status doesn’t lessen rain threat
Bloomberg business news

Hurricane Harvey's Ripple Effect on Gasoline Prices

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As Harvey’s winds die down, trouble for Texas may have just begun with forecasts for unprecedented flooding across the heart of U.S. energy production and in Houston, the nation’s fourth-largest city.

Harvey smashed ashore as a Category 4 hurricane Friday near Rockport, Texas. Two deaths have been attributed to the storm, which has also halted about one quarter of oil production in the Gulf of Mexico and 5 percent of U.S. refining capacity. Its second act could be worse as Harvey stalls and promises to dump more than 3 feet of rain onto Texas for the next few days.