Energy companies raked in $50 billion last week after millions lost power during the freezing storms in Texas, report says
- Winter storms in
Texaslast week caused widespread power outages and skyrocketing electric bills. Energyfirms raked in nearly $50 billion in sales during the storms, The Washington Post reported.
- But it's unclear who will ultimately foot the bill, as officials say they are working on a solution.
That sales figure, which was calculated by an energy consulting firm, is equal to the last three years combined, the Post reported.The freezing
In an interview with Fox
An energy analyst also told the Post that it's not yet clear who will foot the bills that contributed to that $50 billion figure."Texas has paid the price," Robert McCullough told the Post. "Well, some people in Texas are paying a very high price. And some are making out very well." One energy company executive received swift criticism last week after appearing to celebrate the surge in natural gas prices during an earnings call with investors.
"Obviously, this week is like hitting the jackpot," said Roland Burns, the Chief Financial Officer of Comstock Resources, a natural gas producer that operates in Texas and Louisiana, NPR reported. Jerry Jones, the owner of the Dallas Cowboys, is a major shareholder in the company.
Burns later apologized, calling the description "inappropriate and insensitive."
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