Report: Extreme Cold to Push Up Gas Prices 10-20 Cents
UNDATED -- Gas prices are expected to jump due to the extreme cold temperatures across the deep south.
The website GasBuddy.com says the national average price of gas may go up 10 to 20 cents per gallon from the current price of $2.54 a gallon over the next two weeks. The national average could go up to $2.65 to $2.75 a gallon resulting in the highest prices since 2019.
Eleven refineries in Texas and one in Kansas have at least partially shut down due to the extreme cold weather. Refineries are exposed to the elements, and unlike the facilities in the northern U.S., they don't have protection from these historically low temperatures.
GasBuddy calculates 3.48 million barrels of refining capacity were offline as of midday Tuesday, or nearly 20 percent of the total U.S. refining capacity.
The website is also expecting the national average to be close to $3 a gallon by Memorial Day weekend.