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Winter Storm Shuts Down Texas Oil Wells, Refineries

The winter storm that's plunging hundreds of U.S. cities into a deep freeze is shutting down much of the oil patch.

Three oil refineries in Port Arthur, Texas, including the nation's biggest, have had to stop processing the more than 1 million barrels a day they usually turn out. The story's the same for refineries in Beaumont, Corpus Christi, and Baytown, Texas as well as Baton Rouge, Louisiana. Texas' energy regulator said Monday producers in the Permian Basin and the Panhandle have been crippled by "unprecedented freezing conditions."

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