POST Online Media Lite Edition



 

Cost of Harvey estimated at $125 billion, White House seeks help from Congress

Staff Writer |
The costs of the deadly storm in Texas and the Gulf of Mexico have continued to mount, with Texas authorities estimating it at $125 billion.




Hurricane Harvey has killed more than 30 people and destroyed thousands of homes.

While the rain has shifted away from Houston, the U.S.' fourth largest city, much remains underwater. The state of Texas is one of the US's main economic engines.

Many firms in the region, a major transport hub that is a home to the oil and gas industry, don't know when they will resume normal operations.

The storm struck at the heart of America's oil and gas industry, knocking a third of all U.S. production offline, closing refineries around the Gulf Coast, and causing major pipelines that move fuel to other markets to shut.

Petrol prices, which increased in anticipation of the storm, are expected to continue to rise, despite additional shipments from overseas. In Texas, shortages at stations in some areas have been reported.

The White House says it will ask the U.S. Congress for emergency funding to help those affected by Hurricane Harvey.

President Donald Trump is expected to propose an initial $5.9 billion . Texas authorities say the state might need more than $125bn.


What to read next

Trump spent on travel in one month as Obama in whole year
U.S. spending plan will cut deficit but not balance budget, says CBO
Economic losses from Storm Harvey could reach 90 billion