February's record-breaking winter storm saw power outages across the Lone Star State and a nasty jump in energy bills for many residents.
And the fallout isn't over.
The problems in Texas spread across the country. That's mainly because the state supplies about 23 percent of the nation's natural gas. Pipelines froze - critics say because of inadequate winterization in the lightly regulated state - and pushed the price of natural gas way, way up.
Take Minnesota, for example, utilities there spent around $800 million more than normal for natural gas in February. And they aren't going to shoulder that expense.
As it turns out, the biggest Minnesota natural gas utility is CenterPoint Energy - the same company that supplies us here in Texarkana. CenterPoint has asked the state regulators for permission to add a two-year surcharge onto bills that would add a total $300 to $400 charge for average consumers. Oh, and that includes 8.75% interest tacked onto the surcharge.
According to a story last week in the Washington Post, it looks like the company is going to try the same in Arkansas and Oklahoma. So readers might just be in for a surprise down the road.
The state needs to seriously rethink its energy policy. While Texas likes to claim a certain independence, the fact is its oil and gas businesses don't operate in a vacuum. They depend on sales to other states and decisions made in Texas impact the nation's energy market. If lawmakers in Austin don't do something to lessen the chances of this mess happening again, then lawmakers in Washington just might.