Oil and gas sector faces cold hard facts

摘要

February is typically bad for US states west of the Mississippi River in terms of winter weather. But the recent bout of Arctic cold has been extreme. Parts of the electric grid in Texas failed, the state diverted its stores of gas from power to heat and many of the regions refineries have been shut down. While clearly unusual, the situation put the energy-rich US south on the back foot. And it could be a much-needed wake-up call for industry investments as supposedly rare events like these become more common.