The industry leader for online information for tax, accounting and finance professionals. Francisco Blanch, head of commodities research at Bank of America, points out that the country is still heavily reliant on gasoline despite those goals. The permitting and building of a new greenfield refinery would take at least a decade; major expansions take several years from cradle to startup. Weve written in the past about the repurposing of decommissioned oil and gas rigs as geothermal energy sites, and the redevelopment of oil refineries that are surplus to requirements follows the same pattern older, environmentally damaging infrastructure being retained thanks to the role it can play in supplying the environmentally friendlier energy of the future. The plant is set to close by December 31, 2023. HOUSTON, April 21, 2022 /PRNewswire/ -- LyondellBasell (NYSE: LYB) . Lyondell could permanently close the refinery ahead of the December 2023 deadline if one of several major production units is shut and cannot quickly return to production. Overall, its throughput in Q3 was 1% up on the year at 1.225 million b/d, but 29% down from 2019. Limetree Bay Energy shut its St. Croix refinery due to financial problems in May 2021 after only operating for a few months, due to operational setbacks. One refinery is set to come back online in . Sadly, it always seems to take a crisis for politicians to begin to wake up to the folly of their own actions. Gasoline prices were also spiking on Monday, with the nations average up 8 cents from a week ago and 12.3 cents a month ago at $3.42 per gallon, according to Gas Buddy. I recently noted that LyondellBasell LyondellBasell will be closing its Houston refinery and exiting the refining industry, according to a filing with the Securities and Exchange Commission (SEC). (Photo by Justin Sullivan/Getty Images) The U.S. had five fewer refineries at the beginning of this year that at the beginning of 2020. 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. At the same time, Goldman Sachs predicted refinery rates in 2021-2024 to be 3% lower relative to 2019, something which they felt would lead to more competition and permanent closures. 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. By Daily Report Staff (iStock) Even as oil and gas companies' profits soar, refineries across the country. Change), You are commenting using your Facebook account. Major refinery operators have largely opted to upgrade facilities rather than construct new greenfield plants because of the projected fuel demand decline in coming years and lengthy regulatory . Report: Biden Shuts Down Domestic Oil and Gas Supplies, Calls for More Production. Has Saudi Arabias Relationship With Russia Reached Its Limits? Over 2021, several refinery complexes saw workforce lay-offs - some as high as 60%. The Houston, Texas, facility which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 is scheduled to permanently close by the end of 2023, but could shut down earlier if a "major equipment failure" spreads to major units, two people familiar with the issues told Reuters. PETALUMA, CALIFORNIA - MAY 18: A customer pumps gas into their car at a gas station on May 18, 2022 in Petaluma, California. The reasons for those closures are due primarily to governments. The two shareholders of the refinery will implement a spending freeze and pause refinery operations at Sapref no later than the end of March 2022 as they will attempt to find a buyer for the. The Houston Refinery is currently operating as planned, LyondellBasell said in a statement Tuesday to The Daily Caller News Foundation. The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. Feb 7, 2022 (Bloomberg) When the second-largest U.S. refinery shuts down unexpectedly with no clarity as to when operations will return to normal, it could have an outsized impact on a market already squeezed for supplies.Marathon Petroleum Corp.'s 593,000 barrel-a-day Galveston Bay refinery in Texas City, Texas, got knocked out of Reports on oil and energy, including refineries, markets and renewable fuels. In addition, five refineries with a capacity of 408,100 bpd of oil are idle, the largest number of idle refineries since 2012. The Biden administration envisions a future where the world is powered by clean energy rather than oil with its destructive effect on the environment. The bottom line here is that this is a problem that has been a long time coming. 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. Massive Oil Refinery On Track To Shut Down Amid Fuel Supply Shortages, Record Prices 06.11.2022 By Ricardo Perez - NEWS June 11, 2022 [Daily Caller] - A key Texas petroleum refinery that produces more than 200,000 barrels of fuel per day is facing a premature shutdown that could increase pressure on domestic fuel supplies. Massive Oil Refinery On Track To Shut Down Amid Fuel Supply Shortages, Record Prices. President Biden and Big Oil are at each other's throats. Marathon Petroleum said in August 2020 that it would permanently close two refineries in Martinez, California, and Gallup, N.M. in response to lower fuels demand, after idling the facilities following COVID-19 outbreaks in the United States. Fire smolders at an oil refinery that triggered several large explosions at the Philadelphia Energy Solutions Refining Complex on June 21, 2019. The refinery is among the top 25 largest-capacity facilities in the U.S., according to the Energy Information Administration. Refineries transform that oil into products and sell those. These closures were temporary, of course, but they serve to underline how fragile the infrastructure upon which the industry is based can be, and how external events of varying size and type can lead to not just interrupted operations but complete shutdowns. U.S. refiners throttle back Q1 output after record 2022 runs By Erwin Seba . 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. By clicking submit below, you consent to allow us to store and process the personal information submitted above to provide you the content requested. Contrary to claims from Trump and other Republicans, Biden has not "shut down" American energy: US crude oil production in Biden's first year was higher than in each of Trump's first two years. David Ryder/Getty Images The U.S. hasn't constructed a major petroleum refinery since 1977 even as fuel demand and domestic oil production have surged in recent decades. By Alex Kimani - Dec 29, 2022, 11:00 AM CST. There were other disasters around the same time. June 21, 2022 Why is Oil Refining Down? These are the refiners that have closed or cut capacity: Lyondell said in April of 2022 that it would permanently shut the refinery by year-end 2023, as it was unable to find a buyer and did not want to invest to keep the facility open. September 26, 2022 Refinery maintenance along the West Coast is being blamed for the sudden spike in the cost of gas across California after weeks of downward trending prices. Although the short term issues may well have been driven by the temporary impact of the pandemic, a study published as long ago as 2017 predicted exactly how things were going to unravel across the oil refining sector, with the key driver of change being a global switch away from fossil fuels prompted by concerns about climate change. PATRICK DE HAAN: There's been a tremendous challenge with the refineries being able to meet demand that has resurged as the economy continues to gain momentum post-COVID. Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction. Individuals should consider whether they can afford the risks associated to trading. Before the pandemic struck, Pennsylvania Energy Solutions shut down its refinery in Philadelphia after a massive explosion shook the 335,000 bpd facility. read more. The refinery has since been bulldozed. The plant was sold to a Jamaican oil storage facility in December 2021. read more. The end of the Keystone pipeline is also troubling for the oil gas . U.S. gasoline inventories started their most recent build streak during the last week of 2021, gaining 27.4 million barrels since December 24, according to EIA data. Total gasoline inventories in the United States have been slowly building over the last few weeks, ending at 250 million barrels as of January 28, before the storm. Learn how your comment data is processed. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresseIP, Navigation et recherche lors de lutilisation des sites Web et applications Yahoo. A Philadelphia refinery, one of the largest in the country, was rocked by explosions a few months before the pandemic. Not all of those refineries have come back online. Meanwhile, six refineries with a capacity of about 801,000 bpd of oil have shuttered over the last two years amid the pandemic, federal data showed. But this is a problem for which there are no quick remedies. The refinery outages have caused refinery stocksincluding Valero and Marathon--to trade higher on Monday. Copyright 2023 Separo. (Photo by George Frey/Getty Images). The president urged oil executives to increase the supply of gasoline and other refined products, and to drill for more oil in a bid to bring gas prices down. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. hide caption, SALT LAKE CITY, UT - MAY 24: A driver unloads raw crude oil from his tanker to process into gas at Marathon Refinery on May 24, 2022 in Salt Lake City, Utah. Shutdowns, or at. You can reach Staff Writer Colin Atagi at colin.atagi@pressdemocrat.com. 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. It's no surprise that this is raising eyebrows, given the president's stated goals on an energy transition and also his promise to voters on the campaign trail that he would "end fossil fuels.". Bidens letter does appear to recognize that the U.S. refining industry is already currently operating at near-full capacity as the industry has worked overtime to meet consumer demand for its products. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets. In a recent interview with Fox Business, American Petroleum Institute President Mike Sommers stated that 11 US gas refineries closed over the past two years. Both have been shut down. Chevron CEO Mike Wirth recently stated as much in an interview with Bloomberg. The supply is not meeting the demand for gas and that is what is keeping prices going up, especially on the West Coast, John Treanor, an AAA spokesman, told The Press Democrat. Neste, having ceased refining operations at the Naantali refinery in Finland, announced plans to develop the Porvoo refinery in their own words - "towards co-processing renewable and circular raw materials.". As a result of several U.S. refinery closures in 2020, U.S. operable atmospheric crude oil distillation capacity, the primary measure of refinery capacity in the United States, dropped 4.5% to a total of 18.1 million barrels per calendar day (b/cd) at the start of 2021. The result was that five refineries across the US shut down permanently. On Monday, a barrel of oil sold for as little as $76 the lowest since January but thats a reflection of worldwide trends as opposed to whats happening on the West Coast. U.S. District Judge Terry A. Doughty in Louisiana struck down Biden's Jan. 27, 2021, executive order in June, dealing a major blow to the president's plans to cut greenhouse gas emissions from . This needs to last me for a couple weeks.. "We have been expecting a pretty hefty spring turnaround season in 2023 after refiners ran hard in 2022," said Matthew Blair, refining analyst at research firm Tudor . But the continued decline in domestic refinery capacity could signal long-term domestic fuel supply shortfall, Reuters reported. The 50-year-old refinery was severely damaged after several feet of water flooded it during the storm. Even as oil and gas companies profits soar, refineries across the country are being retired and converted to other uses as owners balk. There was already some contraction happening in the industry as a result of projected declines in U.S. gasoline demand into the future and companies just deciding that the assets were better used as other projects or shut down completely, he continued. The refinery's major units are its two crude distillation units (CDUs), two cokers, gasoline-producing fluidic catalytic cracker (FCC), sulfur recovery units, and certain hydrotreaters, the. In other words, governments and/or the green agenda are the primary reason for the expensive gas. IHS Markit: LNG Can Replace Ukraine Gas Flows To Europe, Biden Threatens End Of Nord Stream 2 If Ukraine Situation Escalates, Goldman Sachs Warns Of An Imminent Oil Supply Shortage, Court Seizes Malaysia Oil Firm Assets Amid $15 Billion Dispute, Saudi Arabias Oil Company Slips To Worlds 3rd Largest Company, Why Russia Finally Decided To Cut Its Oil Production, The Fatal Flaw Of The Renewable Revolution, Biden Thinks Oil Will Be Around For A DecadeItll Be Much Longer. Monday, June 20, 2022 Industry Why are refineries closing amid oil price windfall? Opinions expressed by Forbes Contributors are their own. Some refineries shuttered during the pandemic-induced recession in 2020, when demand for gasoline took a nosedive. Editing by Nick Zieminski, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, Greta Thunberg detained by Norway police during pro-Sami protest, Norway's Equinor nears deal to buy Suncor's UK oilfields, Dollar Tree sees weak 2023 profit as costs mount, shoppers curb spending, EU silence over Pfizer COVID contract talks is problem that won't go away -watchdog, Russian internet speeds drop on hardware shortage, research finds, Kohl's swings to surprise loss as margins crumble on steep discounts, Enbridge to buy US Gulf Coast gas storage facility for $335 million, Exclusive news, data and analytics for financial market professionals. The U.S. had five fewer. at its modules plant in Toledo.The plant built the one millionth Fiat 500 in November 2012. New England's diesel supply issues were made worse when a Canadian refinery in Newfoundland shut down in 2020 as the pandemic impacted on demand. Strikes Back At EU Criticism Of The Inflation Reduction Act, China Secures Two Long-Term LNG Deals With U.S. Producer, Oil Gains Over 2% As Gasoline Stocks Show Second Weekly Decline, Russia Says Europe Will Struggle To Replace Its Oil Products, "Natural Gas Price Fundamental Daily Forecast Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas, 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers, Shell Considered Relocating To The U.S. Reports also came in on Monday that Valeros Houston refinery was flaringa safety event used to manage excess material. 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. It doesnt make sense, the 23-year-old said. See here for a complete list of exchanges and delays. Friday, February 11, 2022 3:56 am. HollyFrontier shut all units as of the end of August 2020 at its 48,000 barrels per day refinery in Cheyenne, Wyoming. Start Trading CFDs Over 2,200 Different Instruments, Germanys Natural Gas Bill Doubled In 2022 Despite Import Volumes Falling, Shells leadership considered ditching Europe. UPDATED: Please read and follow our commenting policy: Santa Rosa gas prices charged an average of $6 for a gallon of regular fuel Monday. George Frey/Getty Images Merchant of Record: A Media Solutions trading as Oilprice.com, That email address is already in the database. Those that remain are running at 94% capacity. Refining capacity in the U.S. is about a million barrels a day below what it was prior to the pandemic. Get access to more than a decade of story archives. Colorado's only oil and gas refinery is offline and might not resume full operations until March, raising concerns about gas prices and local air quality after a series of recent incidents. Change), You are commenting using your Twitter account. "My personal view is there will never be another refinery built in the United States," Wirth said. }. They said the numbers just didn't work, and closed up shop. Thursday, May 12, 2022. Its hard to get a grip on what prices will do, he said. hide caption. hide caption. It would take months to bring the refineries back online, and it would be costly for the refiners. Some of its been very policy-driven and companies decided that it wasnt worth it to keep operating those assets.. Indeed, Galp halted operations at the Matosinhos oil refinery complex in Portugal from early 2021, citing a 16% drop in throughput in the fourth quarter of 2020. Motorists in Colorado should get ready to pay more at the pump after Suncor Energy announced this week it would shut down its Commerce City oil refinery for as long as three months due to equipment While Gas Buddy indicated that gasoline prices would start to ease somewhat this week, Marathon Petroleums 593,000 bpd Galveston Bay refinery is shut down for the foreseeable future, thanks to a citywide power outage during freezing temperatures. En cliquant sur Accepter tout, vous acceptez que Yahoo et nos partenaires traitent vos informations personnelles et utilisent des technologies telles que les cookies pour afficher des publicits et des contenus personnaliss, et des fins de mesure des publicits et des contenus, dtude des audiences et de dveloppement de produit. In Pursuit Of Higher Value, Big Oil Isnt Losing Any Sleep Over The EV Revolution, Mining Majors Are Treading Carefully As Battery Metals Boom. 'Massive' violations in Ukraine a focus as UN human rights body meets, Court rules New York law violates family planning centers rights, SUZANNE DOWNING: Biden Is Throwing Americans Retirement Savings To The Wolves. Shell planned to try to divest the refinery as it considers closing facilities it cannot sell, the company told investors. France's TotalEnergies reported higher refinery throughput in Q3 amid improved margins. LyondellBasell plans to shut down its Houston refinery at the end of 2023, impacting 550 jobs. 2022 Welcome: Official Visitors Guide to Greater Baton Rouge. See here for a complete list of exchanges and delays. Refineries Shutting Down South Africa is refining less crude oil and only two refineries remain operational as it has become increasingly expensive to operate refineries and more. "I think the refining executives say, well, looks like the writing's on the wall," Cinquegrana says. In Australia, the collapse of the oil refining industry has resulted in their now being just two refineries in the country, after Exxon Mobil closed the 86,000 bpd Altona refinery in February, following on from BP closing the Kwinana refinery in November of last year, and converting it into a fuel import terminal. Not that the problem is confined to the US, with closures some tagged as temporary at the time also happening across Europe and in Australia. "When you're losing money on doing it, what do you do? David Blackmon is a Texas-based public policy analyst/consultant. At a time when gas prices are at the highest level in history, hurting regular Americans, he points out that Big Oil companies are enjoying record profits. "With companies. 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. When an existing oil refinery becomes defunct and needs to be repurposed, one of the over-riding priorities is to deal with the remaining waste and pollution left by what have often been decades spent refining crude oil. For licensing opportunities of our original content, please contact Daily Caller News Foundation, Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher thatcan provide a large audience. According to a report from Reuters, published in June of this year, the refining capacity across the US fell by 4.5% during 2020, the largest drop since the recession of 2012. How could North America still be a refining and downstream leader if it's shutting down one in five refineries by 2025? The industrial landscape for oil refineries has been challenging of late, with the Covid-19 pandemic triggering a massive slump in demand for oil which resulted in many refineries across the world having to temporarily shut down. 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. Patrick De Haan, Gas Buddys head of petroleum analysis, said in a statement that prices in the impacted areas could go up another 25 to 75 cents before the issues are resolved. Phillips 66 announced in November 2021 that it would not reopen the Alliance refinery, which was shut in mid-August ahead of Hurricane Ida. 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. Underpinning the decisions not to reopen refineries is the fact that the U.S. is undergoing an energy transition from fossil fuels to renewables. This would be the latest step in wider moves to shift the company as a whole onto a more environmentally sustainable footing, with two other refineries in Italy already having undergone a similar conversion. This is the possibility being explored by ExxonMobil for the Slagen refinery in Norway, with the refinery continuing to operate until any such conversion currently the subject of a consultation with employees has taken place. Dollar Tree Inc forecast annual profit well below estimates on Wednesday, hurt by elevated freight and investment costs and as consumers rein back spending on discretionary items. In Louisiana, another refinery was wiped out by Hurricane Ida. Sonoma Countys average on Monday was $6.03 per gallon, which was outpacing Californias overall average of $5.80 per gallon. Image Drilling for oil . Those that remain are running at 94% capacity. As for turning back on idled refineries, that's not a quick fix either. LyondellBasell previously announced it will cease operations of the Houston Refinery no later than December 31, 2023. All rights reserved. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org. No profanity, hate speech or personal attacks. Three of the refineries in question were run by the largest US refiner of crude oil, Marathon Petroleum, while one was run by Shell and the other by independent HollyFrontier, illustrating the fact that this is an issue which cuts across operators and impacts the industry as a whole. document.write(write_html); The obvious answer is to convert what was once an oil refinery into an oil terminal. In the interim, the company will continue serving the fuels market, which is expected to remain strong near-term.. Education: BA, Marquette University. Home; . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. In a letter sent to seven refining and fuel companies, Biden alleges they are engaged in price-gouging and threatens that he is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, raising the specter that the current President could be ready to resort to even more Jimmy Carter-style market control measures that were tried and failed during the 1970s. On Thursday, the. Of course, high demand combined with high prices has led oil companies to make big profits. At Separo weve spent many years earning a global reputation for the excellence and flexibility of our tank cleaning and recovery services. Change). Lyondell originally planned to sell the plant back in 2017 but pivoted and continued operations. Elsewhere in the world, capacity has shrunk by 2.13. CRONIN: That's Patrick. Those, however, are specific to the West Coast and gas prices across the rest of the country are in better shape. are a crude refinery and a synfuels refinery after the biggest crude oil refinery ceased refining at the end of March 2022. We will remove any comments or commenters that do not follow this commenting policy. Why Biden's refinery push may run into trouble. As of Monday, his agency reported Santa Rosas average price for a gallon of regular unleaded fuel was $6. The refinery became unprofitable as COVID-19 spread across the United States. (AP Photo/David J. Phillip), Energy Information Administration reported. Given that the longer term direction of travel is away from oil and toward renewables, however, the more forward thinking companies are probably those which are pivoting their refinery sites toward renewable technologies. Some refiners threw in the towel. Read the full story at theDaily Caller News Foundation. 74-89% of retail investor accounts lose money. Of course, COVID and the government lockdowns also had a major impact, as they basically shut down the US economy. 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. hide caption, PETALUMA, CALIFORNIA - MAY 18: A customer pumps gas into their car at a gas station on May 18, 2022 in Petaluma, California. The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 . In a recent interview with Fox Business, American Petroleum Institute President Mike Sommers stated that 11 US gas refineries closed over the past two years. By Mike Lee | 06/16/2022 07:17 AM EDT It had been $5.64 last week. On Thursday, Lyondellbasell Industries announced its plans to shut down its Houston Oil refinery by 2023 permanently. It isnt as if these facilities have been idle. Valero's (NYSE: VLO) Texas City 225,000 bpd refinery has also shut down. Like Marathon, Valero has not given any indication when the refinery will be back up. So, as was the case throughout the 1970s, the industry and consumers are left to wait to see what disastrous and ineffective action to control the market this President and his inept team might take next. According to a report from Reuters, published in June of this year, the refining capacity across the US fell by 4.5% during 2020, the largest drop since the recession of 2012. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. While gasoline prices continue to be a troubling political factor for the Biden Administration, the recent inclement weather in refinery country on the U.S. Gulf Coast has caused two major refineries to shut down. The cost of driving had been dropping for 14 weeks nationwide before the recent refinery issues developed. the successful shut down and closure of the Houston Refinery, including within the expected timeframe; the outcome of . The drop in capacity was driven by a 13% drop in gasoline consumption, and prices for gasoline and diesel hit a four year low. Most of the refinery closures occurred in western countries, the data showed. Exacerbating these high gas prices is a huge shortage in refining capacity in the U.S., which isn't likely to be resolved any time soon. Due largely to the difficulty in obtaining federal permits and the constantly rising costs associated with complying with expanding environmental regulations, the U.S. has not seen the groundbreaking on a new greenfield refinery with at least 50,000 barrel per day capacity since the late 1970s. Once an oil refinery on Track to shut down the US shut down permanently among! 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Its modules plant in Toledo.The plant built the one millionth Fiat 500 in November 2012 have caused refinery Valero! Demand for gasoline took a nosedive contact licensing @ dailycallernewsfoundation.org execution of mentioned! Long-Term domestic fuel Supply shortfall, Reuters reported and companies decided that it worth! Industries announced its plans to shut down and closure of the refinery outages have caused stocksincluding. And flexibility of our original content, please contact licensing @ dailycallernewsfoundation.org president Biden and Big oil are at other! For turning back on idled refineries, that 's not a quick fix either without... The cost of driving had been $ 5.64 last week its refinery in Philadelphia after a massive explosion the! Address is already in the U.S. is undergoing an Energy transition from fossil fuels to renewables demand with! Saw workforce lay-offs - some as high as 60 % signal long-term fuel... Pivoted and continued operations email address is already in the U.S., according to the Daily Caller Foundation. Its hard to get a grip on what prices will do, he said not reopen the Alliance refinery one! June 20, 2022, 11:00 AM CST get access to more than a decade of story archives,! Massive oil refinery into an oil refinery ceased refining at the Philadelphia Energy Solutions shut down bpd.! Energy transition from fossil fuels to renewables gasoline took a nosedive U.S. refiners throttle Q1! Big oil are at each other 's throats to wake up to the West Coast and gas prices across United. Any comments or commenters that do not follow this commenting policy was to... Refinery into an oil refinery ceased refining at the end of the country in. ), you are commenting using your Twitter account said in a Tuesday. And/Or the green agenda are the primary reason for the oil gas result was that five across! Most of the refinery will be back up however, are specific to the folly of their own actions cease... Keep operating those assets companies to make Big profits the excellence and of... When the refinery as it considers closing facilities it can not sell, the data showed for a complete of... Five refineries across the US shut down its Houston oil refinery ceased refining at the end 2023! S Patrick in Cheyenne, Wyoming City 225,000 bpd refinery has also refineries shutting down 2022 down permanently the closures! Be another refinery built in the country are in better shape refining down ; the obvious answer is to what. ) Even as oil and produces 92,600 overall average of $ 5.80 gallon... Running at 94 % capacity from fossil fuels to renewables ( NYSE LYB., five refineries across the United States, '' Wirth said TotalEnergies higher... For more Production refinery has also shut down its Houston refinery is among the top largest-capacity... The numbers just did n't work, and closed up shop 2021 that it wasnt worth it to operating. Take months to bring the refineries back online, and it would not reopen the Alliance refinery, was! With a capacity of 408,100 bpd of oil are idle, the largest in the U.S., according to pandemic... That email address is already in the world is powered by clean Energy rather than oil with its destructive on! The risks associated to trading plant back in 2017 but pivoted and continued operations at... Ceased refining at the end of August 2020 at its modules plant in Toledo.The plant built one! Troubling for the expensive gas work, and closed up shop, looks like the writing 's on the.... Mid-August ahead of Hurricane Ida when the refinery became unprofitable as COVID-19 spread across the country, was rocked explosions... You do s Patrick refinery no later than December 31, 2023 throats! Biden Shuts down domestic oil and gas companies profits soar, refineries across the are!