The outages are likely to push up fuel prices and deal a significant blow to refiners...
Gas is for sale in the shadow of the numerous petrochemical facilities lining the Houston Ship Channel east of downtown, Wednesday, Nov. 30, 2022.A wave of refinery outages and operational problems washed over industrial hubs along the Houston Ship Channel and in Port Arthur on Thursday and Friday after a front of frigid air knocked facilities offline.
The cold weather forced more than 1 million barrels per day of refining capacity offline, analysts estimated. The outages are likely to push up fuel prices and deal an economic blow to refiners that have shut down. Not all of the refineries were entirely shut down, said analysts, who were still assessing the extent of the storm’s effects Friday afternoon. Chowdhury said large refineries that are offline completely could lose between $1 million and $3 million a day for the duration of the outage.The deadly February 2021 storm knocked out some refineries for a month, Chowdury said, while this time refineries in the region should be operational again within the week.
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