About 4.3 million homes and businesses were without power across Texas on Tuesday after the power system was crippled by cold weather, according to Bloomberg. Another 500,000 were down in several states, while more than 300,000 outages hit Oregon and California.

  • Grid managers are unsure when the blackouts will end, with the cold projected to persist through Wednesday.
  • The energy crisis has prompted medical centers to rush to administer vaccines before going bad.
  • With flights grounded, more than a million barrels a day of oil and 10 billion cubic feet of gas production are shut, while pipelines have declared force majeure, and refineries halted gasoline and diesel output. 
  • U.S President Joe Biden has approved an emergency declaration for Texas to avail more resources to help
  • The cold blast is the latest of a chain of extreme weather events due to climate change that has halted power grids globally from Japan, Pakistan, and France in recent months.
  • In Mexico, over 4.7 million homes and businesses were in the dark after Texas shortages, although 65% of those affected by the power outages were restored by midday.
  • The cold weather also impacted the energy industry, with the U.S oil production dropping by about 1.5-1.7 million barrels a day, pushing crude prices above $60 a barrel for the first time in more than a year.

Oil futures are currently gaining. CL! is up 1.11%