Ex-energy secretary: Texas storm shuttering green energy ‘avoidable tragedy’
Former U.S. Energy Secretary Dan Brouillette argues the situation in Texas following a storm shows the importance of having ‘a diverse energy supply.’
Oil and gas prices continued to climb Tuesday morning as frigid wintry weather choked off wells and refineries and shut-in natural gas production in Texas and Oklahoma and left millions of people without power.
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West Texas Intermediate crude oil rose 19 cents to $59.66 per barrel while natural gas climbed 21.3 cents, or 7.31%, to $3.125 per thousand cubic feet. RBOB gasoline was higher by 6.2 cents to $1.7545 per gallon.
“This is a temporary event,” said Stewart Glickman, analyst at CFRA Research. Higher prices will “persist until we can get past blackout stages, power lines get repaired and things get back to normal.”
WALMART TEMPORARILY CLOSES 600 STORES DUE TO WHACKY WEATHER