Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas. Nick Oxford | Reuters

Energy prices jumped on Tuesday as a cold spell in the South both increased demand for fuel while simultaneously hampering production.

More than 3.8 million people were left without power across Texas on Tuesday morning, according to poweroutage.us, as the electric grid couldn’t keep up with heightened demand, forcing utilities to implement rolling blackouts in some cases.

“The majority of heating needs are met via electrical baseboard of heat pumps in the southern region,” said John Kilduff, founding partner at Again Capital. “The demand for electricity, over the weekend, rivaled peak summer

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