You can change your choices at any time by visiting your privacy controls. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The Paramount refinery began operating in the 1930s. They're operating above 90% capacity according to the Energy Information Administration, and expected to run at 95% for the rest of the summer. The industry leader for online information for tax, accounting and finance professionals. The Houston Refinery is currently operating as planned, LyondellBasell said in a statement Tuesday to The Daily Caller News Foundation. Get access to our searchable data center of TOP LISTS. LyondellBasell announced in April that it would shut the refinery by 2024 due to the heavy financial burden of upgrading its more than 100-year-old infrastructure, Barrons reported at the time. The president earlier this month singled out ExxonMobil, saying the company "made more money than God this year.". Overall, its throughput in Q3 was 1% up on the year at 1.225 million b/d, but 29% down from 2019. Valero's (NYSE: VLO) Texas City 225,000 bpd refinery has also shut down. David Blackmon is a Texas-based public policy analyst/consultant. Valeros (NYSE: VLO) Texas City 225,000 bpd refinery has also shut down. Thursday, May 12, 2022. 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. The U.S. had five fewer. The evidence for the impact of the pandemic on the sector is widespread and undeniable. Hurricane Ida shuttered or curtailed output at six refineries in Louisiana that process 1.92 million barrels per day (bpd) of crude, around 12% of U.S. refining capacity. Given that the recent COP26 committed governments around the world to measures which would hit targets at or around 2 degrees Celsius depending upon interpretations of the various conditional and unconditional commitments the direction of travel identified in 2017 has clearly remained the same and has, if anything, accelerated. 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. read more. "At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable," the president wrote in a letter to the heads of seven oil companies earlier this month. Right now, all bets are off.. LyondellBasell plans to shut down its Houston refinery at the end of 2023, impacting 550 jobs. Elsewhere in the world, capacity has shrunk by 2.13. The COVID pandemic really drove down gasoline and diesel demand which accelerated some things that were already happening, Geoff Moody, the vice president of government relations at the American Fuel & Petrochemical Manufacturers, previously told TheDCNF. Phillips 66 is shutting down its Santa Maria Refinery facility on the Nipomo Mesa as it pivots to renewable fuels, but it's unclear . 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. Our Standards: The Thomson Reuters Trust Principles. President Joe Biden has repeatedly slammed the U.S. fossil fuel industry for allegedly profiting while Americans are suffering from high gas prices, and he resists expanding refinery capacity, even as he continues to hobble producers, including delaying lease . Follow this author to stay notified about their latest stories. 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. By Alex Kimani - Dec 29, 2022, 11:00 AM CST. Its hard to get a grip on what prices will do, he said. It had been $5.64 last week. Of the two remaining Australian refineries, Geelong in Melbourne is the largest, with a capacity of 128,000 bpd, but is by no means guaranteed to remain in operation with the owners, Viva Energy, accepting a government subsidy but refusing to rule out closure. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. Louisiana's 17 oil refineries account for nearly one-fifth of the nation's refining capacity, with the ability to process about 3.4 million barrels of crude oil per day, according to the . She recalled paying closer to $5.25 per gallon less than two weeks ago. What capacity that has been added since that time has been the result of expansion of pre-existing refineries and the building of smaller facilities with less than 50,000 bopd capacity and are thus exempt from certain EPA permitting processes. var write_html = `
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