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Energy & Science

Gas Sellers Reaped $11 Billion Windfall During Texas Freeze

  • Natural gas producers reduced output days before power cuts
  • Millions face prospect of higher gas prices for years to come

The official autopsy of the great Texas winter blackout of February 2021 quickly established a clear timeline of events: Electric utilities cut off power to customers and distributors as well as natural gas producers, which in turn triggered a negative feedback loop that sunk the state deeper and deeper into frigid darkness.

It’s now becoming clear that while millions of Texans endured days of power cuts, the state’s gas producers contributed to fuel shortages, allowing pipelines and traders to profit handsomely off them.