Texas Oil Refineries Could Take Weeks to Restart: Energy Update
Source: Bloomberg
(Bloomberg) -- The sprawling blackouts that plunged Texas into chaos in the midst of an historic cold blast are easing, but the energy crisis that the outages sparked continues.
Four of the largest refineries in Texas are discovering widespread damage from the deep freeze that crippled the state and expect to be down for weeks of repairs, raising the potential for prolonged fuel shortages that could spread across the country.
About 340,000 homes and businesses in the state were still without electricity Thursday evening, according to Poweroutage.us, which aggregates data from utility websites. That’s down from more than 3 million on Wednesday. Texas Governor Greg Abbott said in a tweet that any remaining residential outage is due to downed power lines or the need for reconnection.
The economic fallout from the crisis is broad and potentially lasting. U.S. oil production plunged by a record 40%. While some wells are being restarted in Texas, several companies in the oil industry have claimed force majeure, a warning to customers that they won’t be able to meet deliveries under contract.
Read more: https://www.msn.com/en-us/money/markets/texas-oil-refineries-could-take-weeks-to-restart-energy-update/ar-BB1dLwYW?li=BBnb7Kz
Higher gas prices coming soon. Count on it.
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The weather disaster in Texas likely killed extraordinary numbers of cattle and other livestock. Then there are the crops produced in Texas, including wheat, corn, soybeans, rice, citrus and a lot of other crops.
I think we will potentially see pretty significant price increases all around.
And the long-range forecast for above normal temperatures and lower than normal precipitation is worrying too. This winter weather will leave a lot of dry vegetation. Wildfire hazards may be even worse than they were in 2011.
