Offshore Oil Takes Minimal Hit from Harvey


We landlubbers are making preparations for flooding, but the folks who work on offshore oil platforms had the presence of mind to evacuate days ago...

"A lot of the companies that have platforms have already evacuated their people. A few companies that are not in the center of the storm have decided to leave them in place, but by and large people shut down production and get their people to shore well ahead of the storm.

Oil industry analyst Mike Lynch does not expect much damage to the platforms either.

"Most of the equipment is pretty robust. It's not going to go blowing off if it weighs two tons... Or that some piece of equipment will drag across and just break into a pipeline. We saw that sort of thing in Katrina... Probably in a case like Harvey, we're just gonna see some of the older, smaller platforms damaged or maybe drag loose."

Lynch tells Houston's Morning News there should be little effect on prices at the pump because oil inventories are already so high.


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