VAlERO REFINERY UNDER WATER

One oil refinery reports 'significant damage' following Hurricane Rita
(CNN) -- Valero Energy reported Saturday that its recovery teams found "significant damage" to its oil refinery in Port Arthur, Texas following Hurricane Rita. (Posted 3:53 p. m.)

Valero Energy Corp. said it will take two weeks to a month to repair and restart its 255,000-barrel-per-day Port Arthur refinery, which sustained "significant damage to two cooling towers and a flare stack."