Source: Barrel Blog | Gary Gentile, Chief editor | September 4, 2017
The shale revolution has dramatically transformed this country’s energy landscape, making the US an exporter of crude, products and LNG—a far cry from the situation 12 years ago when Hurricane Katrina struck Louisiana.
Prolific production from unconventional sources in the Permian Basin and the Eagle Ford in Texas keeps OPEC up at night. Latin America has become ever more dependent on US gasoline. And even India and South Korea are becoming customers of US crude.
So when a major disaster like Hurricane Harvey strikes at the heart of US energy dominance—Texas and the US Gulf Coast—the reverberations are felt around the world.
This latest storm was unprecedented in size and ferocity. Flooding and power outages remain a serious problem for refineries and petrochemical plants. Upstream, production is resuming. But with ports closed and rail lines and roads under water in many areas, there is no place for all that oil to go.
So the question on everyone’s mind in the coming weeks is: what’s next?
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