Most of the gas wells in the United States were suspended due to severe frosts, which brought down the production and export of fuel, writes Bloomberg.
At some enterprises, the supply of raw gas fell to a four-month minimum (up to 210 million cubic meters per day). This is 2-4 times less than usual. The country has practically stopped exporting gas. Against the background of abnormal cold weather, the demand for fuel increased. However, power plants in the United States are cutting their capacity due to gas shortages. Texas Gov. Greg Abbott has demanded that the Freeport LNG plant restrict production and halt two of its three LPG lines.
The production of American oil also decreased, on average by a third. For example, in the Permian Basin (the center of the US shale industry), it collapsed by 65 percent.
If at first traders believed that the reduction in US production of raw materials would not last more than two or three days, now they believe that a full recovery could take several weeks.
Texas in February 2021 was hit by the worst frost in 30 years. This led not only to a decrease in oil production, but also to an energy and transport collapse. Millions of citizens were left without electricity and heating.