Schexnaydre Law Firm, LLC

25 percent of Gulf oil and gas production knocked out by Hurricane Harvey

Historic flooding is expected to continue in Texas and Louisiana in the wake of Hurricane Harvey. Emergency responders are trying to save stranded people in Houston and across Texas, and on Aug. 28 emergency conditions were declared in Louisiana, where forecasts predict two feet of rainfall in some areas.

Officials have said that the flooding will linger and is expected to force more than 30,000 people from their homes.

Only a year after a massive flood disaster in Louisiana, Gov. John Bel Edwards has asked President Trump to declare an emergency disaster.

The governor's request states that Harvey and its aftermath pose "serious danger to life and property."

Forecasters predict that some parts of Texas could receive up to 50 inches of rain.

The administrator of the Federal Emergency Management Agency characterized the weather and its effects as virtually unprecedented: "We have not seen an event like this. You could not draw this forecast up. You could not dream this forecast up."

In addition to its devastating effects on people throughout the region, Harvey is having a major impact on the oil industry.

The region hit by Harvey is home to about 25 percent of U.S. crude-oil refining capacity, and the hurricane has effectively stopped 25 percent of oil and gas production from the Gulf of Mexico. In fact, some areas along the Gulf are expected to receive about a year's worth of rainfall in a single week.

While the full extent of the storm's damage has yet to be determined, those watching the oil industry fear that Harvey could reverse years of excess oil capacity. The impact will be felt globally, and energy markets will be directly affected for weeks.

Houston, a major center for the oil and gas industry, has already seen billions of dollars in damage, and a full recovery will take years.

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For more on connecting small businesses with energy and restoration projects, please see our previous post on a new Louisiana program. The oil industry and prime contractors will need such resources in the coming months.

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Schexnaydre Law Firm, LLC
2895 Highway 190, Suite 212
Mandeville, LA 70471

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