Daily Rewind ⏪

Harvey shuts down the nation’s largest oil refinery, America’s economy picks up the pace, and more.

America’s largest oil refinery shuts down amid Harvey flooding:

• Motiva is closing its Port Arthur refinery “in response to increasing local flood conditions.” The plant won’t re-open until flood waters recede.

• At least 12 refineries have now shut down due to Harvey, which made a second landfall this morning near the Louisiana-Texas border. The refinery closures will send gasoline prices up at the pump, analysts say.
• In all, Harvey could be one of the most expensive natural disasters in America’s history. Total losses, including property damage, lost wages and disrupted business, could cost as much as $75 billion.

The U.S. economy notches its the fastest growth in two years:

• Last quarter’s 3% growth is more than double the pace of the first three months of 2017.
• While the accelerated growth far exceeds analysts’ expectations, it’s right in line with the White House’s goals.
• America’s jobs market is also looking good. Investors expect the unemployment rate to remain at a 16-year low when the Labor Department releases results on Friday.

Other important news:

*Trump: “Talking is not the answer” to North Korea’s threats (Bloomberg)

*Google’s voice assistant is coming to more speakers (CNN Tech)

*Conservative viral commentator Tomi Lahren to join Fox News (CNN Media)

That’s all for today. We’ll see you again tomorrow!

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