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Monday, March 1, 2021

Damaged Texas Oil Refineries Face Extended Recovery

Texas oil refineries shut down due to cold weather may take weeks to resume regular operations, causing a potential for fuel shortages across the country.

Following the deep freeze in the state, four of Texas’ largest refineries are discovering damage to their plants which may take weeks to fix. 

The damage includes burst pipes, leaks, damaged equipment, and petroleum fluids that hardened into a wax-like substance.

Retail fuel prices increased 6 cents last week and 9 cents in the last month, bringing it to $2.33 a gallon. 

Experts predict that pump prices will go up to $3 a gallon by May if the outages continue to hamper supply ahead of driving season.

President of Lipow Oil Consultancy, Andrew Lipow, says affected refineries are “2 1/2 to 3 weeks away from restoring most operations.”

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