The blackout that has spread across Texas is easing, but the energy crisis caused by the blackout continues.

As of noon Thursday, about 500000 homes and businesses in Texas were still without power, down from more than 3 million on Wednesday, according to Poweroutage.us. Power plants that have been shut down because of the cold are gradually resuming operation, but about 40 gigawatts of generating units are still out of operation, enough to power 8 million homes if they operate properly, grid operators said.

The economic impact of the crisis is widespread and likely to persist. Us oil production has plummeted by a record 40 per cent, and shale oil fracturing in Permian basins has been interrupted. A number of oil companies claimed to have suffered force majeure, warning customers that they would not be able to meet the delivery conditions stipulated in the contract. These events are causing a reaction in the global crude oil market. Cheniere Energy Inc., America's largest exporter of liquefied natural gas, says it will temporarily reduce gas and electricity consumption to help the Texas power grid.

Paul Sankey, an oil analyst at Sankey Research, wrote in a report: "there is no large infrastructure in Texas built to cope with frozen conditions. This is an energy crisis that few people in markets outside Texas and Oklahoma realize. "