Extreme Heat and its Impact on Gas Prices

The recent surge in gas prices across the country can be attributed to extreme heat, which has caused disruptions in oil supply chains and refinery operations. Here’s how rising temperatures affect the price of gas.

Key Facts

The national average gas prices hit $3.82 this Thursday, as reported by AAA. At the same time, the price of crude oil benchmark West Texas Intermediate remained around $80 per barrel over the last week. The increase in gas prices is partly due to the hot weather, which is aggravated by climate change. AAA spokesperson Andrew Gross explained that last month’s extreme heat led to some refineries reducing their operations. Refineries are most efficient when operating at temperatures below 95 degrees Fahrenheit. However, several cities in the southern United States and California, where many refineries are located, experienced temperatures above 100 degrees Fahrenheit.

Impact on Oil and Gas Production

A report from the Department of Energy in 2013 highlighted both positive and negative correlations between rising temperatures and oil and gas production. Climate change can lead to a decrease in sea ice, resulting in more icebergs that may disrupt drilling operations and damage rigs. However, higher temperatures can extend the production season in oil-rich arctic Alaska as well. Extreme heat and storms can temporarily shut down oil and gas facilities, as confirmed by the American Fuel & Petrochemical Manufacturers. Nevertheless, these facilities are equipped with cooling systems to ensure worker safety and address any mechanical challenges arising from high temperatures.

Regions Most Affected

According to AAA, gas prices increased the most in Nebraska, Iowa, Minnesota, Florida, Missouri, North Dakota, Oklahoma, South Dakota, Alabama, and New Mexico. These regions experienced a significant spike in gas prices due to the combined effects of extreme heat and other factors.

The Impact of Extreme Heat on Oil Refineries

Oil is a fossil fuel that, when burned, releases carbon dioxide and contributes to global warming. Extreme heat exacerbates the effects of climate change and poses challenges for oil refineries. This is particularly noteworthy as the world experiences rising temperatures. July 2023 was recorded as the hottest month ever, with Earth witnessing its warmest day twice in one week. The six largest oil refineries in the U.S. are located in Texas and Louisiana, which have been grappling with extreme heat this summer.

What Lies Ahead

The World Meteorological Organization predicts that global temperatures will continue to rise over the next five years. Research has shown that extreme winds, hurricanes, and storms can disrupt oil refineries and even lead to their destruction. Analysts warn of the potential impact of hurricanes on oil production and its subsequent effect on gas prices. The current hurricane season is predicted to be more severe than usual, with the possibility of 18 storms, nine of which could turn into hurricanes. This forecast surpasses the average between 1991 and 2020.

Conclusion

While gas prices have reached a nine-month high, relief is expected soon as operations at refineries normalize and demand begins to decrease. It is essential to monitor the impact of extreme weather events on oil production and gas prices, as they continue to play a significant role in the overall energy market.

Sources:

• Forbes: Hurricane Season May Take A Turn For The Worse Despite Slow Start, Meteorologists Warn
• Forbes: Gas Prices Hit 9 Month High—Here’s Why And Where Prices Are Highest
• Forbes: Austin, San Antonio, New Orleans Break Daily High Temperature Records: Here’s Where Else Daily Records Have Fallen
• Forbes: July Likely To Be The Hottest Month Ever Recorded, World Meteorological Organization Says

 

Reference

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Denial of responsibility! TechCodex is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.