Oil Talks
Gulf Oil and Gas Projects News Magazine

NY sees gas prices increasing due to Texas winter storm impeding oil

0

Get real time updates directly on you device, subscribe now.


(WBNG) — Gas prices are on the rise and experts are saying the increase will likely continue due to the freeze in Texas.

They say the massive winter storm in Texas has hampered the production of oil in the state, and blackouts and transportation difficulties are raising gas prices day to day.

Experts say that when supply is disrupted it isn’t surprising to see gas prices go upward.

As Texas recovers from the winter storm, experts are expecting to see those gas prices level off, but generally not decrease by much.

“So what we’re seeing here this week, more or less is what’s happening in Texas. What’s happening is sort of akin to what happens in the summertime with hurricanes. The refineries are down, there’s no power. Those that are up, they can’t get their shipments out because of road conditions. So it’s certainly a massive disruption in supply, and it’s being felt across the country,” says Eric Stigberg from AAA.

Stigberg says the length of time the spike will continue for is reliant upon how soon the Texas producers and refineries can get back fully into the market.

He says as we wait for the return, to expect to see significant price increases day to day.



Read More: NY sees gas prices increasing due to Texas winter storm impeding oil

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments