Winter storm causes oil and power price growth in the U.S.

Many oil refineries located along the U.S. Gulf Coast were closed due to low temperatures. It is noted that these refineries process a total of about 1.5 million barrels per day. Although statements about the fast restore of production rates were made, fuel prices have already risen. 

Many U.S. residents have been warned of extreme weather to come due to the Winter Storm Elliot. Low temperatures were recorded in most of the country. According to some forecasts, temperatures are to remain through the Christmas holiday. 

It is also reported that more than 1.5 million homes and businesses lost power. Due to equipment failures, refineries in Texas were forced to cut production of gasoline and diesel fuel. Thus, fuel and electricity prices have risen sharply. Oil and gas supplies to Texas from North Dakota were also reduced due to production issues caused by severe frost.

A Duke Energy spokesman tweeted that repair crews were already working to restore power. However, the work is hampered by strong winds.