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Experts: Gulf freeze may boost gas prices, but only briefly

Published: Feb. 18, 2021 at 2:52 PM EST|Updated: Feb. 18, 2021 at 2:58 PM EST
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(AP) - A deep freeze in the Gulf state region and beyond that killed dozens of people, left millions without power and jeopardized drinking water systems also forced as many as 11 refineries offline.

The resulting capacity cuts could drive gas prices up by about 10 to 20 cents per gallon, said Patrick DeHaan, petroleum analyst at the travel app GasBuddy.

The national average for a gallon of gas is currently between $2.54 and $2.57, meaning prices could rise to around $2.75 per gallon fairly quickly.

Fortunately, it shouldn’t last long, assuming refineries are running at full strength when the weather normalizes.

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