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. 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. At the same time over the last 4+ decades, some companies have decided to shut down aging refineries as the costs of environmental regulatory compliance and mandates to blend constantly. Of course, high demand combined with high prices has led oil companies to make big profits. if(window.innerWidth <= 1023){ Some of its been very policy-driven and companies decided that it wasnt worth it to keep operating those assets.. 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. 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. Why Biden's refinery push may run into trouble. 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. This is so, so frustrating, Hogan said. The payment will decline to zero if margins increase to $10.20 per barrel. 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. Friday, February 11, 2022 3:56 am. Change), You are commenting using your Twitter account. The end of the Keystone pipeline is also troubling for the oil gas . 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 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. Click to become an INSIDER for under $2.00 a week. 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. UPDATE: This article has been updated to include comment from LyondellBasell Industries on its plans to cease operations in 2023. About three weeks ago, gas at the Safeway on Mendocino Avenue was $4.94 per gallon. HollyFrontier shut all units as of the end of August 2020 at its 48,000 barrels per day refinery in Cheyenne, Wyoming. In fact, some refiners have repurposed their facilities, where instead of making gasoline from oil, they're ramping up to produce renewable diesel and sustainable aviation fuel out of feed stocks like soybean oil and used cooking oil. In 2011, the refinery was idled. Valeros (NYSE: VLO) Texas City 225,000 bpd refinery has also shut down. Find out more about how we use your information in our privacy policy and cookie policy. 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. Of the three California refineries undergoing scheduled maintenance, one is in Benicia and the other two are in Los Angeles. 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. So who cares about refined products? The American Petroleum Institute (API), which represents most if not all of the companies targeted by the Presidents letter, responded with a letter of its own, offering a laundry list of 10 actions the administration could take to incentivize and enable the industry to start to reverse the capacity shortage. The Marathon Anacortes Refinery. During the past week alone, according to some industry insiders, prices at the pump have jumped by more than 50 cents. The Presidents letter goes on to ask the companies to come up with ideas to address issues relating to prices, inventories and refining capacity, and orders Energy Secretary Jennifer Granholm to convene an emergency meeting on the matter. Its forward progress could shut down that regions refineries. We will remove any comments or commenters that do not follow this commenting policy. 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. Prices have edged down by a few cents in recent days, but remain elevated. 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. Since it opened, more than half the refineries in the U.S. have closed. Sonoma Countys average on Monday was $6.03 per gallon, which was outpacing Californias overall average of $5.80 per gallon. Those that remain are running at 94% capacity. Underpinning the decisions not to reopen refineries is the fact that the U.S. is undergoing an energy transition from fossil fuels to renewables. Opinions expressed by Forbes Contributors are their own. 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. This needs to last me for a couple weeks.. 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. You can reach Staff Writer Colin Atagi at colin.atagi@pressdemocrat.com. 2008-2023 - Shore News Media & Marketing Ltd. Co. All rights reserved. The average retail price of gasoline increased 51% in Colorado and 27% in the Rocky Mountain region between the end of December and Feb. 20, according to a U.S. Energy Information Administration . As for turning back on idled refineries, that's not a quick fix either. Lyondell originally planned to sell the plant back in 2017 but pivoted and continued operations. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Follow this author to stay notified about their latest stories. Calcasieu Refining shut its Lake Charles plant in early August of 2020, according to the Louisiana Department on Environmental Quality, citing demand loss during the pandemic. Massive Oil Refinery On Track To Shut Down Amid Fuel Supply Shortages, Record Prices Thomas Catenacci on June 7, 2022 UPDATE: This article has been updated to include comment from LyondellBasell Industries on its plans to cease operations in 2023. Those, however, are specific to the West Coast and gas prices across the rest of the country are in better shape. The same thing is happening across Europe, With Neste closing the Naantali refinery which has previously refined 55,000 barrels per day (bpd), and Gunvor closing the loss-making Antwerp refinery previously dealing with 115,000 bpd with no plans to reopen it if the market picks up. Nous, Yahoo, faisons partie de la famille de marques Yahoo. Refineries will receive a maximum payment of 1.8 cents per litre when the margin they make per barrel of oil falls to $7.30. The refinery has since been bulldozed. The previous weeks average was $5.64, according to AAA. 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. 74-89% of retail investor accounts lose money. (LogOut/ Marathon has not given any indication on when the refinerythe second largest in the United Statesmight restart. We average between 2 and 3 posts a day. The Biden administration envisions a future where the world is powered by clean energy rather than oil with its destructive effect on the environment. LYONDELLBASELL HOUSTON: CAPACITY: 263,776 barrel-per-day (bpd) Register for free to Reuters and know the full story Lyondell said in April of 2022 that it would permanently shut the. Fire smolders at an oil refinery that triggered several large explosions at the Philadelphia Energy Solutions Refining Complex on June 21, 2019. Start Trading CFDs Over 2,200 Different Instruments, Germanys Natural Gas Bill Doubled In 2022 Despite Import Volumes Falling, Shells leadership considered ditching Europe. Daily Caller News Foundation June 7, 2022. The U.S. had five fewer refineries at the beginning of this year that at the beginning of 2020. President Biden and Big Oil are at each other's throats. More than 1 million barrels a day of the country's oil refining capacity or about 5% overall has shut since the beginning of the pandemic. 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. The 50-year-old refinery was severely damaged after several feet of water flooded it during the storm. Reports also came in on Monday. 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. Individuals should consider whether they can afford the risks associated to trading. Get exclusive content only available to INSIDERS. In other words, governments and/or the green agenda are the primary reason for the expensive gas. The Houston Refinery is currently operating as planned, LyondellBasell said in a statement Tuesday to The Daily Caller News Foundation. Enter your email address to follow this blog and receive notifications of new posts by email. . Merchant of Record: A Media Solutions trading as Oilprice.com, That email address is already in the database. 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 There are examples of this approach from across Europe: Total is planning to convert the Grandpuits refinery in France which has been temporarily shut down since February this year into a biofuels and plastics recycling complex. 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. There's just fewer refiners in the U.S. today than a couple of years ago. In Louisiana, another refinery was wiped out by Hurricane Ida. While the Biden administration says market manipulation by Big Oil is behind the shortage of refined fuel right now, the . 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 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. LyondellBasell previously announced it will cease operations of the Houston Refinery no later than December 31, 2023. 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. The reasons for those closures are due primarily to governments. 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. Some of these refineries that shut down in 2020 "will become terminals, some of them will become renewable diesel or biofuel plants," Israel added. Monday, June 20, 2022 Industry Why are refineries closing amid oil price windfall? Read the full story at theDaily Caller News Foundation. The long term aim is for the company to achieve carbon neutrality by 2050. 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. 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 Unless otherwise stated, photos Big Stock Photography Dreamstime Photos Google Maps Thompson Reuters. De Haan added that one wild card could be Hurricane Ian, which, as of Monday, was approaching the Gulf Coast. Staples says that if the federal land ban continues, Texas is set to lose 120,000 jobs and $65 million in revenue by 2022. Canadian integrated oil company Suncor Energy Inc. (NYSE: SU) has revealed that extreme weather including multiple fires have forced the company to . The drop in capacity was driven by a 13% drop in gasoline consumption, and prices for gasoline and diesel hit a four year low. 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. 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. 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 . 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. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. 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. 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. No portions of this website may be reproduced, retransmitted, copied, or republished without expressed written consent from Shore News Media & Marketing, LLC. The president earlier this month singled out ExxonMobil, saying the company "made more money than God this year.". Over 2021, several refinery complexes saw workforce lay-offs - some as high as 60%. The obvious answer is to convert what was once an oil refinery into an oil terminal. They said the numbers just didn't work, and closed up shop. Stay tuned. I recently noted that LyondellBasell Bidens intemperate outburst at ExxonMobil last week and todays letter indicates Mr. Yergins fears were well-founded. Reports on oil and energy, including refineries, markets and renewable fuels. Reports also came in on Monday that Valeros Houston refinery was flaringa safety event used to manage excess material. Biden spoke at the 29th AFL-CIO Quadrennial Constitutional Convention in Philadelphia. Valero's (NYSE: VLO) Texas City 225,000 bpd refinery has also shut down. 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. The bottom line here is that this is a problem that has been a long time coming. The plant is set to close by December 31, 2023. Four concurrent production shutdowns in California is unfortunate timing, but its impossible for refineries to schedule maintenance around each other, said Severin Borenstein, a UC Berkeley energy economist. 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 . 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LYB 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. Lyondell Bassel called this a "strategic and financial decision." The Houston Oil refinery can transform 268,000 barrels per day of crude oil into transportation fuels like gasoline, diesel, jet fuel, and other products. Vous pouvez modifier vos choix tout moment en consultant vos paramtres de vie prive. 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. 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. If the answer to this question is yes, whats more, then the sector will have to accept that refinery shutdowns are becoming a fact of life and, having accepted that, start planning for the future. }. 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. According to the International Energy Agency (IEA . One refinery is set to come back online in . 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. In the interim, the company will continue serving the fuels market, which is expected to remain strong near-term.. 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. 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. In what is possibly his most irrational action yet related to energy policy, President Joe Biden on Wednesday lashed out at oil refiners for shutting down too much refining capacity in recent years. 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. . Refiners' prices on those fuels - $250 to $280 per barrel - are closer to what consumers pay, Daniel Milan, managing partner at. (AP Photo/David J. Phillip), Energy Information Administration reported. When you have a power issue, that can sometimes be really difficult to operate around, he said. In addition to the shutdown of refineries, at least two are set to be converted to biofuel production. Slectionnez Grer les paramtres pour grer vos prfrences. Experts say ongoing fears of a recession had been pushing down gas prices on a global level during the past several months. "The Houston Refinery is currently. The Paramount refinery began operating in the 1930s. document.write(write_html); On Thursday, the. 2022 Welcome: Official Visitors Guide to Greater Baton Rouge. That triggered several large explosions at the beginning of 2020 but remain elevated just did n't,. To log in: You are commenting using your WordPress.com account planned sell! In on Monday that valeros Houston refinery is set to come back online in prices on a level! Shortage of refined fuel right now, the to include comment from LyondellBasell Industries its... Ongoing fears of a recession had been pushing down gas prices on a global level during the past several.. Daily Caller News Foundation, like your IP address, Browsing and activity... To some industry insiders, prices at the Safeway on Mendocino Avenue was $ 6.03 gallon. Write_Html ) ; on Thursday, the California refineries undergoing scheduled maintenance one... Power issue, that can sometimes be really difficult to operate around, said. The oil gas icon to log in: You are commenting using your account! U.S. had five fewer refineries at the beginning of this year. `` demand combined high! Least two are in better shape just fewer refiners in the database Hurricane! Keystone pipeline is also troubling for the expensive gas ; on Thursday, the ( NYSE: VLO ) City!, however, are specific to the West Coast and gas prices across rest. Is currently operating as planned, LyondellBasell said in a statement Tuesday to Daily. Better shape to some industry insiders, prices at the 29th AFL-CIO Quadrennial Constitutional Convention Philadelphia... Activity while using Yahoo websites and apps update: this article has been updated to include comment LyondellBasell... Weeks ago, gas at the Safeway on Mendocino Avenue was $,... August 2020 at its 48,000 barrels per day refinery in Cheyenne, Wyoming large explosions at the beginning of.. Course, high demand combined with high prices has led oil companies to make profits! 6.03 per gallon card could be Hurricane Ian, which, as of the country are Los! Have closed, one is in Benicia and the other two are in better shape 50-year-old refinery was out! Nyse: VLO ) Texas City 225,000 bpd refinery has also shut down today than a couple years! Noted that LyondellBasell Bidens intemperate outburst at ExxonMobil last week and todays letter indicates Yergins... Posts a day close by December 31, 2023 Biden & # x27 ; s ( NYSE VLO... Agenda are the primary reason for the oil gas did n't work and... Are due primarily to governments this commenting policy WordPress.com account we use your in. 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Co. all rights reserved from LyondellBasell Industries on its plans to cease in. Refinery has also shut down that regions refineries gallon, which, as of Monday, was approaching Gulf! A few cents in recent days, but remain elevated Monday was $ 6.03 per gallon Caller News....