on Friday The Texas electricity crisis is easing, but the outages, damage, and human toll were historic. ,
Texas grid operator ERCOT said that it would be emerging from “emergency conditions” later in the day. After a crazy week,
WTI fell just a bit but held onto gains close to $60, a price not seen since January 2020.
Restarting oil and gas wells closed by the extreme cold sweeping much of the U.S. isn’t going to be quick or easy,
even once the ice thaws and power is restored.
Oil production nationwide has been cut by at least a third and in the Permian Basin of Texas, the heart of America’s shale industry, output has plummeted by as much as 65%. But bringing flows back is likely to take much longer than it took for them to slump.
Texas grid operator ERCOT said that it would be emerging from “emergency conditions” later in the day. After a crazy week,
WTI fell just a bit but held onto gains close to $60, a price not seen since January 2020.
Restarting oil and gas wells closed by the extreme cold sweeping much of the U.S. isn’t going to be quick or easy,
even once the ice thaws and power is restored.
Oil production nationwide has been cut by at least a third and in the Permian Basin of Texas, the heart of America’s shale industry, output has plummeted by as much as 65%. But bringing flows back is likely to take much longer than it took for them to slump.
