The polar vortex is causing energy prices to spike

Alexandra Hart | Source: Texas Standard | Posted 01/08/2025

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With the first major cold snap of the year sending temperatures plunging across the state, ERCOT has issued a weather watch advisory through Friday due to increased demand.

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ERCOT has issued a weather watch advisory in response to a cold snap in Texas, leading to increased demand for energy and spikes in natural gas prices. Energy analyst Matt Smith discusses the rise in oil prices, influenced by global market factors including freeze-offs affecting production in Texas and the Midwest due to freezing temperatures.

As inclement weather affects various regions, there is a rise in gasoline and diesel prices, driven by increased demand for heating. In Europe, cold spells have driven up power prices due to rising natural gas prices and supply issues stemming from a halt in gas flows via pipeline from Russia. Looking ahead to 2025, Smith predicts oil prices will remain in the same range as the previous year, impacting prices at the pump in Texas and beyond.

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Source Link: https://www.texasstandard.org/stories/polar-vortex-2025-energy-prices-natural-gas-oil/

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The polar vortex is causing energy prices to spike

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