Gasoline Prices Could Hit $3

The price of gasoline at the pump could reach $3 per gallon because of the cold snap that froze oil wells and pipelines and caused blackouts that prompted unit shutdowns at several refineries on the Gulf Coast. Based on media reports, at least 1 million bpd in refining capacity is offline, FreightWaves reports, noting that considering the unconfirmed reports, the capacity taken offline could be double that.

And while oil wells can be restarted relatively quickly, refineries may need weeks to return to normal operation. “What we have is an…