Gas Prices Rising Because of Cold Weather in Texas
As winter storms rock Texas, power loss and inability to reach oil refineries in the state have stopped gasoline refineries from production and shipping.
In Iowa this morning, we've received multiple reports of a quick price rise on Thursday, with many gas stations in the Quad Cities rising between 15¢-30¢ in the early hours alone.
The refinery outages in Texas have removed 20% of the nation's refining capacity. The refineries are dealing with power outages and shortages of natural gas, which are needed to operate the facilities, according to Tom Kloza, the chief global head of energy analysis at Oil Price Information Service.
Regardless of how soon the refineries re-open, we're looking at price rises today. Given 2020's show of how America handles shortages, you'll want to pick up gas before the panic buying sets in.
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