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(Gina Dittmer via Public Domain Pictures) The Lead Oil prices have reached a 13-month high due to a spell of cold weather that’s forced oil wells and refineries in Texas to close. Operations at the Houston Ship channel have also stopped. “A lot of terminals are closed, (which is) mostly keeping employees out of the roads,” said a pilot dispatcher with the Houston Pilots Association, which guides vessels in and out of the channel, Reuters reports. Texas is the U.S.’s largest oil producer, producing around 4.6 million barrels per day. The state also has 31 refineries. “Given how far south it’s gone into Texas, this is where you have a lot of gas production that isn’t properly winterized,” said Jeremy McCrea, an analyst with Raymond James who covers the natural-gas industry. He also believes natural-gas producers in Canada and the U.S. won’t drill more wells this year as a result of the cold snap, according to the Financial Post . “It’s both a demand and a supply event,” said Blake Schaffer, assistant professor of economics at the University of Calgary. “It’s not just a power event. It’s not just a wind event. It’s pervading the entire energy system.” Meanwhile, […]
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