A sudden drop in temperature that was almost a week-long shut down individual units and occasionally entire plants at 25 refineries in Texas, New Mexico, Oklahoma, Louisiana, and Tennessee.
Six million barrels per day (bpd) of national refining capacity was out of production before refineries in Beaumont, Corpus Christi, and Port Arthur, Texas, began restarting on Feb. 22.
By comparison, Hurricane Harvey idled a fifth of national refining capacity at the end of August 2017.
(US price per barrel)
Corona has hit economies from all over the world, and one of the hardest hit was Oil. With lockdowns all over the world, no one is out driving there cars. Oil went from $56.99 a barrel to $38.96 in 2020.
The price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 45.78 U.S. dollars per barrel in 2021. Low oil price outlooks are a because of the continued spread of the coronavirus pandemic, which impacted economies around the world since early 2020.