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Posts tagged “refinery closures”

By Robert Rapier on Jan 31, 2012 with 35 responses

Refinery Closures Lead to Rising Gas Prices and Job Losses

Refinery Closures and the Keystone Pipeline There have been several announcements in recent months of refinery closures that will likely impact gasoline supplies (and prices) on the East Coast. Some of those closures have been on the East Coast. Others — such as the Hovensa refinery in the Virgin Islands and some European refineries — supply product to the East Coast. So why are these refineries closing? Basically, despite the very popular image of perpetually fat profits for the oil companies, the refining business has been historically poor. If a refinery often operates in the low single digit rates of return — or as has frequently been the case, loses money — oil companies will eventually shut them down. Even… Continue»