Global oil demand is set to decline this year for the first time since 2020.

Oil and gas producers have evacuated platforms and rigs in the Gulf of Mexico and companies are shutting down refineries in the storm's path. At the same time, OPEC was flooding the market with crude, aiming with success to put American oil producers out of business. This year, 60 oil and gas companies filed for bankruptcy protection, according to law firm Haynes and Boone. Producers shut in 84% of the oil produced in the region, taking about 1.6 million barrels per day off the market. In 2017, Hurricane Harvey stalled over Houston, dumping so much rain that flooding knocked out nearly a quarter of the nations refining capacity.