Houston, we have a problem. Just days ago, Ike looked like another false alarm for the US energy complex, but now it is taking aim at Galveston Bay.

In the energy business, amateurs worry about high winds and rigs out at sea while the pros fret more about flooding of transport and refining infrastructure. Ike’s storm surge could damage up to 20 per cent of US refining capacity and wreak havoc in the vital Houston ship channel.