In Louisiana, another refinery was wiped out by Hurricane Ida. According to Gas Buddy, the online monitor that tracks fuel prices by community, Santa Rosas lowest-priced gas is being sold at the 7-Eleven on College Avenue, where regular unleaded was $5.29 per gallon, as of Monday. Meanwhile, the operator made modifications in 2014 and 2015 to process 3,500 barrels of vegetable oils and beef tallow per day. Refineries will receive a maximum payment of 1.8 cents per litre when the margin they make per barrel of oil falls to $7.30. Monday, June 20, 2022 Industry Why are refineries closing amid oil price windfall? . Denton Cinquegrana, chief oil analyst with the Maryland-based Oil Price Information Service, wouldnt rule that out, but he cautioned that fuel prices tend to be unpredictable. EMBED <> More Videos LyondellBasell plans to shut down its Houston refinery at the end of 2023, impacting 550 jobs. They said the numbers just didn't work, and closed up shop. "I think the refining executives say, well, looks like the writing's on the wall," Cinquegrana says. June 17 (Reuters) - Since the onset of the global pandemic, the United States has lost nearly 1 million barrels per day of oil refining capacity, with more set to be shuttered in the next few years. Calcasieu Refining shut its Lake Charles plant in early August of 2020, according to the Louisiana Department on Environmental Quality, citing demand loss during the pandemic. TOLEDO, Ohio (WTVG) - The company operating a pipeline serving Midwest refineries says it's ignoring an order by Michigan's governor to shut down as she threatens to go after the company's. Could Gravity Batteries Win The Energy Storage War? Prior to the pandemic, experts were already predicting a major downturn in the oil refinery sector across Europe, with companies having to rationalise their presence across the continent, particularly in light of the ageing nature of many of the refineries themselves. With the U.S. blocking new purchases of Russian oil, the White House, Republicans and the oil industry are engaged in a disagreement over whether the administration has hampered domestic oil. In Germany, the Heide refinery has reduced staff numbers by 106 positions, but is looking to the future with confidence due to plans to change the business model of the plant to concentrate on the production of green hydrogen. U.S. refiner Phillips 66 plans to fully convert its Rodeo, California, crude oil refinery into a renewable fuels plant using cooking oil and food wastes beginning in 2024. The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel. if(window.innerWidth <= 1023){ The refinery outages have caused refinery stocksincluding Valero and Marathon--to trade higher on Monday. Five refineries have shut down in the past two years, reducing the nation's refining capacity by about 5% and eliminating more than 1 million barrels of fuel per day from the market, leaving the remaining facilities straining to meet demand. UPDATED: Please read and follow our commenting policy: Santa Rosa gas prices charged an average of $6 for a gallon of regular fuel Monday. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The Environmental Protection Agency under President Joe Biden is set to abruptly issue a sweeping denial of economic hardship exemptions to the Renewable Fuel Standard (RFS) program from small oil refineries around the U.S., likely forcing one Texas refinery to go out of business at a time when American energy independence is desperately needed. In our interview last week, S&P Global Vice Chairman Dan Yergin expressed the concern that national leaders in the U.S. and Europe might resort to enacting what he called panicky policies in response to what is without question the worst energy crisis of this century. Elsewhere in the world, capacity has shrunk by 2.13. A bit of Bible, A bit of Life, A bit of Politics, Survey: Plurality Blame Joe Biden for High Gas Prices, Biden Presses Oil Industry to Increase Production as Refineries Already Running at Full Capacity, Eleven US gas refineries closed over the past 2 years OpentheWord.org New Human New Earth Communities, https://openthewordblog.files.wordpress.com/2023/02/98-miraculous-healing-of-3-month-old-baby.mp3, https://openthewordblog.files.wordpress.com/2019/10/nulearaudiopodcast.mp3, https://openthewordblog.files.wordpress.com/2019/09/failuretoequip.mp3, https://openthewordblog.files.wordpress.com/2019/09/arkofcovpodcast.mp3, https://openthewordblog.files.wordpress.com/2019/08/podcast2-vision.mp3, https://openthewordblog.files.wordpress.com/2019/08/podcastvision-1.mp3, https://openthewordblog.files.wordpress.com/2019/08/podcastasteroidupdate-2.mp3, https://openthewordblog.files.wordpress.com/2019/07/20inheritingsin.mp3, https://openthewordblog.files.wordpress.com/2019/05/19-2060adsirisaacnewton.mp3, https://openthewordblog.files.wordpress.com/2019/04/18-spiritualwarfare-2.mp3, https://openthewordblog.files.wordpress.com/2019/03/whatareterritorialspirits-1.mp3, https://openthewordblog.files.wordpress.com/2019/03/narcissisimandthechurch-1.mp3, https://openthewordblog.files.wordpress.com/2019/03/andybeckerhealing-1.mp3, 21% blamed the Russian invasion of Ukraine and resulting sanctions; and. "With companies. hide caption. It stopped petroleum refining operations but plans to resume operations in 2022 as a renewable diesel processing plant, which receives subsidies from the U.S. government. Underpinning the decisions not to reopen refineries is the fact that the U.S. is undergoing an energy transition from fossil fuels to renewables. }. The industry leader for online information for tax, accounting and finance professionals. This proved not to be the case in February of this year, however, when unseasonably freakish arctic weather temperatures dropped as low as -13C in Austin, -15C in Dallas and -23C in Amarillo led to the largest refineries in North America having to be shut down across the state. if(window.innerWidth<=1023){var write_html='
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