Oil And Gas
Due to frozen equipment and lack of power, there is a huge loss on oil and gas production for numerous days or may be weeks, as per the information provided by industry experts.
Texas is the place where you can find excess of oil and natural gas production, and its operators unlike those in North Dakota or Alaska are not habituated to the frigid temperatures. Countless refineries in Texas are closed due to the high frozen temperature. Nearly around 500,000 to 1.2 million barrels of the state’s crude production is closed down due to the unfavorable weather, the consequences of extreme cold weather can decrease the output for many weeks.
Permian Basin is congested with icy roads stopping the supplies of sand and cement, while loss of power has impacted millions of Texas residents. There is also electricity cut to oil pumps and salt water disposal facilities.
"They haven't had the electricity available to make the pumps work," said Texas Railroad Commissioner Jim Wright, one of the state's three elected industry regulators. "Some producers in West Texas had to shut in entire fields when they lost power."