Major refineries are shutting down in the wake of Harvey flooding

By Matt Rosoff, CNBC | August 27, 2017

Oil refineries are shutting down in the wake of rainfall and flooding from Hurricane Harvey.

The damage could mean a loss of more than 1 million barrels per day in refining capacity just in the Houston and Galveston, Texas, areas — that's not including hundreds of thousands of more barrels in the Corpus Christi, Texas, area.

Shell has shut down its massive Deer Park refinery in southeastern Houston, among the largest in the United States with a crude oil capacity of 340,000 barrels per day.

The company said in a statement obtained by CNBC, "On Sunday, August 27, 2017, we made the decision to initiate a controlled shut down of the Deer Park, Texas, refinery and chemical plant as a result of heavy rainfall and associated nearby flooding from Hurricane Harvey. Only essential personnel will stay on site through the end of the week." Read the full story here.