Harvey’s Impact on World Oil Market Underlines Growing U.S. Role

World energy markets, from butane in Asia to gasoline in Latin America and diesel in Europe, are feeling the ripple effect of Texas’s deadly storm, highlighting the growing importance of the U.S. for the global oil industry.

When Hurricane Katrina hit in 2005, the U.S. exported just 800,000 barrels a day of mostly refined products. Today it ships more than 6 million barrels a day of crude and fuels, an increase driven by a boom in shale production, the end of a ban on crude exports and the expansion of several refineries.

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