Tuesday, September 27, 2011

There Goes ConocoPhillips

The oil company has announced it will be shutting down its Trainer refining facility and looking for a buyer.

According to Bloomberg:
Conoco said it will also sell pipelines and terminals associated with the Trainer refinery. The company cited weak demand, pressure from imports and the cost of meeting regulatory requirements for its decision to immediately idle the refinery.

“Demand is going down, there is tremendous underutilization and excess capacity inside and outside the United States,” Chirichella said. “There won’t be a gasoline shortage but I would expect more stuff from Europe, from the Caribbean, the Midwest and the Gulf Coast.”
Ugh. This isn't good. It means fewer jobs for local workers and, in the long run, higher gasoline prices for the rest of us.

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