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A bitter January cold snap that knocked out 15% of Gulf Coast refining capacity had little effect on fuel prices, with two months of rising stockpiles helping U.S. markets avoid the extreme volatility seen during recent winter freezes. Fuel price surges from extreme weather are becoming a greater concern for consumers and fuel suppliers, after major freezes in 2021 and 2022 caused plant outages in places like Texas that cut output and drove up prices. That did not happen this year, as U.S. gasoline and distillate stockpiles grew by over 30 million barrels in the eight weeks prior to mid-January's arctic blast, data from the Energy Information Administration showed.

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