The extreme winter weather in Texas could cause gas prices to go up again, experts predict

Here’s an unexpected way to spend your stimulus check: At the gas pump.

The extreme winter weather in Texas has taken some of the largest refineries in the United States offline, and turning off of the spigot could impact drivers throughout the country who are looking to fill up their gas tanks.

The national average cost of a gallon of gas for motorists could jump 10 to 20 cents per gallon over the next couple of weeks, according to Patrick DeHaan, head of petroleum analysis at If the refineries—which handle about 20% of the country’s capacity—remain down for a week or more, we could be looking at hike in prices of more than 20 cents per gallon.

Phil Flynn, senior energy analyst at Price Futures Group in Chicago, also expects to see gasoline prices rise 8 to 10 cents for the short term.

“It really depends on how long the refineries are shut down,” he says. “We’re looking at a big spike up.”

The problem is that 3.5 million barrels of capacity is offline. Plus, an estimated 2 million barrels of crude oil production that’s offline, which will lead to higher crude oil prices and gas prices, because the refineries aren’t making gasoline.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s