You're listening to the Oil and Gas This Week podcast with Mark LeCour and Jake Corley.

This is the show for busy oil pros who quickly want to keep their finger on the pulse of the industry.

So the big news is, of course, Hurricane Harvey and its impact to the Gulf Coast, especially Houston, Texas.

We as a team, as the oil and gas global network team, have decided that we would get together and do this podcast to try to help victims of Hurricane Harvey.

One of the ways that you can help if you're listener of ours is we have established a GoFund account.

We'll put a link in the show notes, so It's basically GoFundMe.com forward slash Harvey

restoration. We are collecting money to help with the restoration of efforts with Hurricane Harvey.

As OGGN, we have been very lucky and our team members have not been impacted too tremendously.

We're all dry. We're all safe. We all have electricity. But so many people in Houston are not that lucky. And we're going to make a difference. We're going to help those people. So if you're our listeners out there and if you'd like to help us, please donate whatever you can, a dollar, $10, $20, whatever. We have some companies that are actually starting to chip in some money as well. And all of this money will go to help with the restoration efforts. And in the spirit of total transparency, we're going to publish all the transactions on the OGGN website so you can see where your money went. With that, I want to jump into the stories. The first story is, of course, the impact to the oil and gas industry. Right now, 30% of U.S. refining is offline. We're going to come back to that. That's actually the bigger story here.

We've seen a spike in fuel prices here in the U.S.

It's a two-year high spike in fuel prices because of the, both the perception of the shortage of fuel, gasoline and diesel, but also the reality of the logistical shortage.

We'll get to that in a minute.

The other thing you see is a spike in diesel globally, and that's going to go on for a while.

So you may not know this, but the U.S. supplies a lot of the world with diesel fuel, China,

Europe, Central, South America. And our ability to refine crude into diesel fuel has been hampered

quite a bit, and it's going to be a while before that comes back online refine crude into diesel fuel has been hampered quite a bit and it's

going to be a while before that comes back online.

Because that diesel fuel is exported on a daily basis, you're going to see a spike globally

in diesel fuel for a while.

We actually think it's going to probably stick around for about six months.

And you're seeing fuel shortages here in the US,S., but the fuel shortages are not actually due to

shortage of gasoline or diesel.

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