According to reports on Wall Street, nearly 15% of the US Gulf Coast’s crude oil production capacity was forced to go offline within the last week after Hurricane “Harvey” landed, and 11 important ports along the coast were shut down, leaving at least 18 million barrels of crude oil imported overseas. 28 tankers could not be unloaded.

Five years later, nearly 700 million barrels of strategic petroleum reserves in the United States were released again. Some analysts worry that if scaled up, it could have an adverse effect on oil prices.

US Energy Secretary Perry said that Hurricane "Harvey" has caused the Texas refinery to shut down 30% of its production capacity, and it is unclear how long it takes for local production capacity to fully recover.

The four major ports, including Galveston and Texas City in Texas, have been reopened, but it is not known whether the infrastructure will be repaired to the extent that the tanker can be docked. There are still seven ports on the Gulf Coast that remain closed. Crude oil cannot enter, and refined oil cannot be sold. NYMEX gasoline futures for September delivery rose 13% on Thursday, hitting a 26-month intraday high.

AccuWeather founder Joel N Myers, known as the "father of commercial weather reports," said Hurricane "Harvey" will be the most costly natural disaster in the history of the United States. Economic losses, including property and productivity, are as high as US$190 billion, or about 1% of US GDP, which is even greater than Hurricane Katrina in 2005 and Hurricane Sandy in 2012.

After landing on Friday, Harvey brought rainfall to 127 centimeters around Houston, the fourth most populous city in the United States, a record high in the United States. Some parts of Texas suffered a "one-hundred-thousand-year-old" flood. Moody's estimated economic losses were between 30 billion and 40 billion U.S. dollars, making it the fourth-largest hurricane in the history of the United States.