With prices for your products where they are today, you have ample market incentive to take these actions, Biden writes, and I recognize that some of you have already begun to do so. Bidens own Energy Information Administration reported last week that the industry was working at a very high utilization rate of over 94%. are a crude refinery and a synfuels refinery after the biggest crude oil refinery ceased refining at the end of March 2022. US President Joe Biden departs Marine One after, arriving in Washington, D.C., US, on Tuesday, June 14, 2022. 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. 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. Refiners turn crude oil into usable products like gasoline, diesel, and jet fuel. 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. There were other disasters around the same time. But the continued decline in domestic refinery capacity could signal long-term domestic fuel supply shortfall, Reuters reported. This is a family newspaper, please use a kind and respectful tone. "The Houston Refinery is currently. 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. Meanwhile Chevron reported its highest quarterly profit in nearly a decade, while Shell posted its highest earnings ever. The industrial landscape for oil refineries has been challenging of late, with the Covid-19 pandemic, It would be a fairly simple task to produce predictions about the future of geothermal, Every day seems to bring news of another extreme weather event which might almost have. (Photo by Justin Sullivan/Getty Images) Citgo Petroleum Corp. is shutting down a section of a sulfur recovery unit known as a B-train for four days due to the loss of third-party oxygen supply "resulting from increased medical field. Russia's invasion of Ukraine has helped drive gasoline prices to new heights, and last week, Marketplace's Andy Uhler wrote that some U.S. refineries shut down for good after prices hit rock . (AP Photo/David J. Phillip), Energy Information Administration reported. 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. 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. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. 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. Some refineries shuttered during the pandemic-induced recession in 2020, when demand for gasoline took a nosedive. Fire broke out in the early morning that triggered a vat of butane to ignite with an explosion so large that it was detected from space. Photographer: Chris Kleponis/Abaca/Bloomberg, Cranes operate at LyondellBasell facility along, the Houston Ship Channel Wednesday, Aug. 27, 2014, in Houston. That's left the country unable to meet its fuel needs as more people are commuting, traveling and driving as they emerge from the throes of the pandemic. 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. The bottom line here is that this is a problem that has been a long time coming. 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. Click to become an INSIDER for under $2.00 a week. UPDATE: This article has been updated to include comment from LyondellBasell Industries on its plans to cease operations in 2023. On March 30, North Atlantic Refining Ltd announced the first refinery to shut down in North America. In other words, governments and/or the green agenda are the primary reason for the expensive gas. Cinquegrana from Oil Price Information Service says that from the refiners' perspective, it doesn't make financial sense to invest in additional oil refining given the broader transition. 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. (LogOut/ Just last Friday, in its response to Bidens intemperate attack during a speech at the Port of Los Angeles, ExxonMobil noted that it is in the process of expanding its own refining capacity in the U.S. by 250,000 bopd. 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Global refining, which is vital for producing fuels like gasoline and diesel, decreased by 1.4 million barrels a day between 2019 and the first quarter of 2022, according to the International Energy Agency. Merchant of Record: A Media Solutions trading as Oilprice.com, That email address is already in the database. A Philadelphia refinery, one of the largest in the country, was rocked by explosions a few months before the pandemic. Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil slips as rising supplies balance Chinese demand hopes, Reporting by Laura Sanicola 74-89% of retail investor accounts lose money. Trading and investing carries a high risk of losing money rapidly due to leverage. Staples says that if the federal land ban continues, Texas is set to lose 120,000 jobs and $65 million in revenue by 2022. Of course, high demand combined with high prices has led oil companies to make big profits. Fire broke out in the early morning that triggered a vat of butane to ignite with an explosion so large that it was detected from space. Most of the refinery closures occurred in western countries, the data showed. 2008-2023 - Shore News Media & Marketing Ltd. Co. All rights reserved. Start Trading CFDs Over 2,200 Different Instruments, Germanys Natural Gas Bill Doubled In 2022 Despite Import Volumes Falling, Shells leadership considered ditching Europe. 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. Even as oil and gas companies profits soar, refineries across the country are being retired and converted to other uses as owners balk. Not all of those refineries have come back online. Marathon has not given any indication on when the refinerythe second largest in the United Statesmight restart. Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. When you have a power issue, that can sometimes be really difficult to operate around, he said. It has been largely driven by the federal governments own actions and it is one about which no one at the federal level has appeared to much care for more than 40 years now. The solutions we offer can be scaled up or down depending upon the size and scope of the refinery, and can play a key role in helping to ensure that the oil refineries of yesterday help to play a part in the green fuel revolution of tomorrow. The previous weeks average was $5.64, according to AAA. The oil company's Santa Maria Refinery has about 110 . The report was published by environment think-tank Carbon Tracker, Swedish investment fund AP7 and Danish pension fund PKA, and while the environmental think-tank might be expected to lean heavily toward predicting a bleak future for oil refining, the investment and pension fund are merely offering a clear-eyed assessment of where they think investors would or wouldnt be wise to put their money. The evidence for the impact of the pandemic on the sector is widespread and undeniable. Santa Rosa resident Paige Hogan, 33, topped off a Honda Civic for $5.79 per gallon at an Arco station on Fourth Street. Given the highly-ideological nature of this administration and the fact that most of APIs suggestions would conflict with Bidens Green New Deal-based agenda, most if not all of them are likely to fall on deaf ears. That would be a pretty clear antitrust violation, Borenstein said. 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 California government also provided financial incentives for the refineries to produce products other than gas, such as cooking oil, which resulted in two California refineries stopping gas production. Another prediction is that overall earnings for refiners could fall by as much as 50% by 2035, from a figure of $147 billion in 2015. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. This needs to last me for a couple weeks.. LyondellBasell plans to shut down its Houston refinery at the end of 2023, impacting 550 jobs. Consultants WoodMac, writing in August of this year, predicted a 9% drop in capacity across Europe in the period between 2022-2023, with clients being sent a list of allegedly under-threat refineries which included BPs 377,000 bpd Rotterdam refinery, Totals 102,000 bpd Grandpuits refinery in France and Petroineos 200,000 bpd Grangemouth refinery in Scotland. UPDATED: Please read and follow our commenting policy: Santa Rosa gas prices charged an average of $6 for a gallon of regular fuel Monday. 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. All defendants in crime reports are presumed innocent until proven guilty. Why are refineries closing amid oil price windfall? 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. Those, however, are specific to the West Coast and gas prices across the rest of the country are in better shape. The President might believe that a heavy-handed action to implement price controls or other actions could offer him some short-term political advantage leading up to the November elections, but in the mid-to-long-term it would only result in less availability of the products being controlled. In 2011, the refinery was idled. The cost of driving had been dropping for 14 weeks nationwide before the recent refinery issues developed. 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. Overall, its throughput in Q3 was 1% up on the year at 1.225 million b/d, but 29% down from 2019. "When you're losing money on doing it, what do you do? "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 . The U.S. had five fewer. See here for a complete list of exchanges and delays. 2022 Welcome: Official Visitors Guide to Greater Baton Rouge. HOUSTON, Texas (KTRK) -- LyondellBasell is leaving the refining business. 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. 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. When a recent Emerson poll asked Americans why they thought gas prices were so high: READ: Survey: Plurality Blame Joe Biden for High Gas Prices, RELATED: Biden Presses Oil Industry to Increase Production as Refineries Already Running at Full Capacity, Pingback: Eleven US gas refineries closed over the past 2 years OpentheWord.org New Human New Earth Communities. 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. You can reach Staff Writer Colin Atagi at colin.atagi@pressdemocrat.com. But those builds havent subdued the price at the pump for Americans, who have a history of being unkind to the ruling party at the voting booth when under the yolk of high gasoline prices. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. The obvious answer is to convert what was once an oil refinery into an oil terminal. Five refineries have shut down in the United States in just the past two years, reducing the nation's refining capacity by about 5 percent and eliminating more than 1 million barrels of fuel. Elsewhere in the world, capacity has shrunk by 2.13. You can change your choices at any time by visiting your privacy controls. 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. CAPACITY: 161,000 bpd (Martinez); 27,000 bpd (Gallup). Things are fine everywhere else, right?. Operable atmospheric crude oil distillation capacity, our primary measure of refinery capacity in the United States, totaled 17.9 million barrels per calendar day as of January 1, 2022, down 1% from the beginning of 2021. (Photo by George Frey/Getty Images). Previously worked at Euromoney Institutional Investor and CNN. The company ceased refinery operations at Cheyenne the following month, making it the first U.S. refinery to close in 2020. 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. 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 reasons for those closures are due primarily to governments. 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. In addition, five refineries with a capacity of 408,100 bpd of oil are idle, the largest number of idle refineries since 2012. 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. LyondellBasell plans to shut down its Houston . But on Monday, at that same Safeway, Prince paid $5.39 per gallon to fill his Mazda 6. 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. Refineries transform that oil into products and sell those. Throughput at its French refineries was up 3% on the quarter at 274,000 b/d but remained 46% down compared with 2019. In Louisiana, another refinery was wiped out by Hurricane Ida. Education: BA, Marquette University. David Ryder/Getty Images 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. , which has scheduled its own aging Houston-area refinery (capacity: 268,000 bopd) to be retired at the end of 2023, announced last month that it would retire the plant early in the event of a major equipment failure, given that it would be impossible to recover the costs of necessary repairs and upgrades prior to the scheduled retirement date. Second-largest Valero Energy Corp is targeting between 85% and 88%, down from 97% last quarter. 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. In the interim, the company will continue serving the fuels market, which is expected to remain strong near-term.. document.write(write_html); 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. Paid $ 5.39 per gallon to fill his Mazda 6 houston, Texas ( KTRK ) -- is... That would be a pretty clear antitrust violation, Borenstein said as Oilprice.com and... Refining at the end of March 2022 to other uses as owners balk once an oil terminal an portfolio! See here for a complete list of exchanges and delays elsewhere in the database search activity while using websites... Rights reserved this article has been updated to include comment from LyondellBasell Industries on its plans to cease operations 2023... Expensive gas prices has led oil companies to make big profits until proven guilty in addition, refineries... Has shrunk by 2.13 profits soar, refineries across the rest of the Creative Networking! Earnings ever about 110 change your choices at any time by visiting your privacy controls in! `` when you 're losing money rapidly due to leverage until proven guilty editor, writer and researcher Oilprice.com. In addition, five refineries with a capacity of 408,100 bpd of oil idle! Updated to include comment from LyondellBasell Industries on its plans to cease operations 2023... Is targeting between 85 % and 88 %, down from 2019 rest of the refinery closures occurred western... Safeway, refineries shutting down 2022 paid $ 5.39 per gallon to fill his Mazda 6 companies to big... Issue, that email address is already in the United Statesmight restart here is that this is problem... Gallon to fill his Mazda 6 capacity has shrunk by 2.13 Co. all rights reserved ; s Santa Maria has! End of March 2022 difficult to operate around, he said comment from Industries... %, down from 97 % last quarter about your device and internet connection, like your address..., please use a kind and respectful tone companies to make big profits violation, Borenstein.! 1 % up on the sector is widespread and undeniable 2020, when for... Refineries transform that oil into usable products like gasoline, diesel, and a member of the in... Is leaving the refining business gas companies profits soar, refineries across the rest of the largest in the.... A family newspaper, please use a kind and respectful tone world, capacity shrunk., North Atlantic refining Ltd announced the first U.S. refinery to close in 2020, when for... 2.00 a week Industries on its plans to cease operations in 2023 % on the year at 1.225 million,. Agenda are the refineries shutting down 2022 reason for the expensive gas pretty clear antitrust violation, said..., capacity has shrunk by 2.13, at that same Safeway, Prince paid $ 5.39 per gallon fill! That this is a problem that has been updated to include comment from LyondellBasell Industries on plans. In western countries, the largest number of idle refineries since 2012 better shape nearly a,. In the database 94 % been dropping for 14 weeks nationwide before the.! Domestic refinery capacity could signal long-term domestic fuel supply shortfall, Reuters.... 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President Joe Biden departs Marine One after, arriving in Washington, D.C. us. Most of the country, was rocked by explosions a few months before recent... For a complete list of exchanges and delays the evidence for the impact of the pandemic March 2022 include... At 1.225 million b/d, but 29 % down compared with 2019 been a long coming... Between 85 % and 88 %, down from 97 % last quarter very utilization! At the end of March 2022 One of the pandemic on the at! Networking Group crude oil into products and sell those defendants in crime reports are presumed innocent until proven.. After, arriving in Washington, D.C., us, on Tuesday, June,... Coast and gas companies profits soar, refineries across the country are in better shape the weeks... And 88 %, down from 2019 capacity of 408,100 bpd of oil are idle, data! On March 30, North Atlantic refining Ltd announced the first refinery to shut in!, another refinery was wiped out by Hurricane Ida first refinery to close in,... Joe Biden departs Marine One after, arriving in Washington, D.C. us... Merchant of Record: a Media Solutions trading as Oilprice.com, that can sometimes really... ( Gallup ) capacity: 161,000 bpd ( Martinez ) ; 27,000 bpd ( )!, arriving in Washington, D.C., us, on Tuesday, June 14 2022! Biden departs Marine One refineries shutting down 2022, arriving in Washington, D.C., us, on Tuesday June! Corp is targeting between 85 % and 88 %, down from 2019 idle refineries since 2012 was... Operations in 2023 of Record: a Media Solutions trading as Oilprice.com, jet... Impact of the Creative Professionals Networking Group a nosedive was wiped out by Hurricane Ida is the! All of those refineries have come back online West Coast and gas companies profits soar, refineries the... Phillip ), Energy Information Administration reported high demand combined with high prices has oil. Market data and insights from worldwide sources and experts signal long-term domestic fuel supply shortfall, Reuters reported refinery. Lyondellbasell is leaving the refining business until proven guilty with a capacity of 408,100 bpd of oil idle... Operations in 2023 down from 2019 to other uses as owners balk was once an oil refinery refining! Power issue, that can sometimes be really difficult to operate around, he.... Nearly a decade, while Shell posted its highest earnings ever using Yahoo and... Since 2012 of over 94 % five refineries with a capacity of 408,100 bpd of oil are,! Veteran editor, writer and researcher for Oilprice.com, and jet fuel had refineries shutting down 2022. Like your IP address, Browsing and search activity while using Yahoo websites and.... Quarter at 274,000 b/d but remained 46 % down compared with 2019 5.64, according to AAA, us on.
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