Extreme cold in U.S. may cause gas price surge, report says

Extreme cold in U.S. may cause gas price surge, report says
Extreme cold in U.S. may cause gas price surge, report says (Source: Pexels.com)

CLEVELAND, Ohio (WOIO) - Sick of increasing gas prices? A new study says a week of cold weather could be the latest reason for a surge.

A study produced by GasBuddy claims extremely cold weather this week in the United States caused millions of barrels of refining capacity to go offline.

This shortage, according to the report, will spur a 10 to 20 cent increase per gallon in gas prices.

Partial shut downs impacted at least 11 refineries in Texas and one in Kansas, according to GasBuddy’s analysis.

“Unlike facilities in the northern U.S. which are prepared for cold weather, few refineries in the South have protection from these historically low temperatures.”

The report said nearly 20% of total U.S. refining capacity was offline at midday Tuesday. That’s just under the amount shut down due to Hurricane Harvey in 2017.

There is good news: Gas in Northeast Ohio won’t raise as much as gas in the South, according to the report.

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