Unless China steps in and buys our refineries, Obama’s wish via the EPA has made it cost prohibitive to Refine our crude oil apparently. “Level of investment needed” was the operative statement for the closure of the facility. Anyone who has been through the Philadelphia area knows what huge Oil farms and refineries there are. Now thanks to Obama, there will be no refineries. Where are the jobs? Here is a hint: We can have all the oil in the world, and without the capacity to refine it, it is worth zilch. Sunoco, BP, Conoco Phillips, gone in a year.
By next summer, Philadelphia could switch from being the center of the East Coast’s oil-refining industry to a historical footnote.
Willie Chiang, ConocoPhillips’ senior vice president of refining, marketing, transportation, and commercial, said in a statement that “the decision to sell is based on the level of investment required to remain competitive.
Even though the economy is down and there are concerns about the oil industry, Meehan (House Representative for the District) said, the demand for oil in the region and across the country will increase as the economy strengthens. The country needs to keep its production up, he said.
“We’re surrendering this industry to Nigeria, to China and to India,” Meehan said, adding that deals would likely need to be struck in the next six months to a year.
ConocoPhillips’ announcement Tuesday that it plans to sell or shut down its Trainer, Delaware County, refinery was expected, especially after Sunoco Inc. announced a similar decision three weeks earlier.
But that does not lessen the impact of the potential loss of 410 jobs at the 91-year-old refinery that ConocoPhillips has owned since 2002, when Conoco Inc. acquired Phillips Petroleum Co.
The shutdown has already begun. Spokesman Rich Johnson said that by the end of the week the Trainer refinery would no longer process crude oil. All employees will work through the end of the year, he said. Philly.om
Back in February we posted about the sad state of our Refineries:
There are two major refineries in the United States going up for sale and people are wondering who will buy them. BP has decided to sell two of the refineries it owns, one in California and the other in Texas. From USA Today:
“The market may be slightly underwhelmed by the lack of a more radical restructuring plan, but with Macondo still an ongoing issue it may be too early for BP to implement more radical plans,” said Richard Griffith, analyst at Evolution Securities.
BP did not say how much it expected to gain from the sale of its U.S. refineries, which include the Texas City refinery where 15 workers died in an explosion in 2005.
It said it had spent more than $1 billion modernizing the Texas City plant, but noted it “lacks strong integration into any BP marketing assets.” However, BP said it will keep the chemicals complex at Texas City.
The company said it also hopes to sell the Carson refinery near Los Angeles along with its marketing business in southern California, Arizona and Nevada. The company plans to concentrate its U.S. refining and marketing activity at Whiting, Ind., and Cherry Point, Wash., as well as in its 50% stake in the Toledo, Ohio facility…