[Ed. – So on top of the Keystone pipeline being nixed, Mother Nature is intervening to hoist gasoline prices at the pump. Propane for heating is going to take a wallop too.]
After creating havoc in the power and natural gas markets, the next commodity sector causing concern in Texas is the state’s enormous oil refining industry, where installations are being forced offline by the big freeze.
The largest refineries in North America were shutting down Monday because of arctic conditions that have cut electricity, water and fuel supplies across Texas. More than 3 million barrels of daily oil-processing capacity has been idled in the wake of the record-setting cold, according to consultant Energy Aspects Ltd.
The shutdowns portend tightening supplies and higher prices for everything from gasoline to propane in coming days and weeks in cities across the country that rely on the U.S. Gulf Coast for fuels.