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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 . 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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 refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 . Both have been shut down. FCA is shutting down part of its massive Toledo manufacturing . About three weeks ago, gas at the Safeway on Mendocino Avenue was $4.94 per gallon. On Monday, a barrel of oil sold for as little as $76 the lowest since January but thats a reflection of worldwide trends as opposed to whats happening on the West Coast. The plant is set to close by December 31, 2023. LyondellBasell plans to shut down its Houston refinery at the end of 2023, impacting 550 jobs. 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. 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Valero's (NYSE: VLO) Texas City 225,000 bpd refinery has also shut down. See here for a complete list of exchanges and delays. According to Gas Buddy, the online monitor that tracks fuel prices by community, Santa Rosas lowest-priced gas is being sold at the 7-Eleven on College Avenue, where regular unleaded was $5.29 per gallon, as of Monday. 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. "My personal view is there will never be another refinery built in the United States," Wirth said. 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. By Mike Lee | 06/16/2022 07:17 AM EDT "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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Get exclusive content only available to INSIDERS. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. (LogOut/ CRONIN: That's Patrick. Overall, operating U.S. refineries had a capacity of about 17.7 million bpd of oil and produced about 9.5 million bpd of gasoline, 4.7 million bpd of diesel fuel and 1.3 million bpd of jet fuel in 2021. New York gas stations, for example, charged an average of $3.68 per gallon as of Monday, according to AAA. From the industrial separation & filtration experts. The reasons for those closures are due primarily to governments. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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 . (Photo by George Frey/Getty Images) In Louisiana, another refinery was wiped out by Hurricane Ida. "When you're losing money on doing it, what do you do? A key Texas petroleum refinery that produces more than 200,000 barrels of fuel per day is facing a premature shutdown that could increase pressure on domestic fuel supplies. This is so, so frustrating, Hogan said. Shell announced in November 2020 it would be shuttering the refinery after attempts to sell the plant between July and October were unsuccessful. Eni is evaluating the conversion of the Livorno refinery in Italy into a biorefinery. Even as oil and gas companies profits soar, refineries across the country are being retired and converted to other uses as owners balk. 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. "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. Prices have edged down by a few cents in recent days, but remain elevated. "With companies. (Photo by George Frey/Getty Images). Since the start of the pandemic, statistics related to Covid-19 hospitalizations in the world "only got worse month by month . 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 a letter sent to seven refining and fuel companies, Biden alleges they are engaged in price-gouging and threatens that he is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, raising the specter that the current President could be ready to resort to even more Jimmy Carter-style market control measures that were tried and failed during the 1970s. LYB ExxonMobil's profit in the first quarter more than doubled from a year earlier. Our Standards: The Thomson Reuters Trust Principles. While Gas Buddy indicated that gasoline prices would start to ease somewhat this week, Marathon Petroleums 593,000 bpd Galveston Bay refinery is shut down for the foreseeable future, thanks to a citywide power outage during freezing temperatures. 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. , 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. Friday, February 11, 2022 3:56 am. The United States hasn't seen a major new refinery built since the 1970s. 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. As a result of several U.S. refinery closures in 2020, U.S. operable atmospheric crude oil distillation capacity, the primary measure of refinery capacity in the United States, dropped 4.5% to a total of 18.1 million barrels per calendar day (b/cd) at the start of 2021. 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%. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets. All quotes delayed a minimum of 15 minutes. 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. Fire smolders at an oil refinery that triggered several large explosions at the Philadelphia Energy Solutions Refining Complex on June 21, 2019. June 21, 2022 Why is Oil Refining Down? 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 drop in capacity was driven by a 13% drop in gasoline consumption, and prices for gasoline and diesel hit a four year low. 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. Crude oil production stopped and was permanently shut down in 2017. The drop in capacity was driven by a 13% drop in gasoline consumption, and prices for gasoline and diesel hit a four year low. There were other disasters around the same time. Individuals should consider whether they can afford the risks associated to trading. 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. Cinquegrana said only one of the four California refinery shutdowns was unplanned. The response, across many parts of the oil refining industry, has been to think of ways of repurposing the existing infrastructure in order to ensure that defunct sites can continue to bring in revenue. No off-topic remarks. On Thursday, Lyondellbasell Industries announced its plans to shut down its Houston Oil refinery by 2023 permanently. With the U.S. blocking new purchases of Russian oil, the White House, Republicans and the oil industry are engaged in a disagreement over whether the administration has hampered domestic oil. (LogOut/ 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. document.write(write_html); 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 . Refineries Shutting Down South Africa is refining less crude oil and only two refineries remain operational as it has become increasingly expensive to operate refineries and more. It had been $5.64 last week. Shutdowns, or at the very least reduced production, have been reported at four California refineries, as well as at one in Washington, experts say. 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. The cost of driving had been dropping for 14 weeks nationwide before the recent refinery issues developed. What the letter does not recognize, of course, is the role the federal government, pressured by climate change interest groups, has played in creating the current shortage of domestic refining capacity. 'Massive' violations in Ukraine a focus as UN human rights body meets, Court rules New York law violates family planning centers rights, SUZANNE DOWNING: Biden Is Throwing Americans Retirement Savings To The Wolves. The company ceased refinery operations at Cheyenne the following month, making it the first U.S. refinery to close in 2020. All rights reserved. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Covid and oil demand took divergent directions in mid-2020. The report predicted companies such as Chevron CVX.N, Royal Dutch Shell RDSa.L, France' Total TOTF.PA and China's largest refiner Sinopec could see profits from refining drop by 70%, a prediction based on commitments to limit global warming to 2 degrees Celsius, under which, according to the International Energy Agency, the demand for oil would drop by 23% between 2020 and 2035. U.S. refiners throttle back Q1 output after record 2022 runs By Erwin Seba . The refinery is among the top 25 largest-capacity facilities in the U.S., according to the Energy Information Administration. It isnt as if these facilities have been idle. Enter your email address to follow this blog and receive notifications of new posts by email. Throughput at its French refineries was up 3% on the quarter at 274,000 b/d but remained 46% down compared with 2019. The president earlier this month singled out ExxonMobil, saying the company "made more money than God this year.". Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. While the Biden administration says market manipulation by Big Oil is behind the shortage of refined fuel right now, the . As of Monday, his agency reported Santa Rosas average price for a gallon of regular unleaded fuel was $6. "The narrative until today was that we were going to be driving electric vehicles by the end of the year. Pour en savoir plus sur notre utilisation de vos informations, veuillez consulter notre Politique relative la vie prive et notre Politique en matire de cookies. Previously worked at Euromoney Institutional Investor and CNN. Things are fine everywhere else, right?. Follow this author to stay notified about their latest stories. 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. But suddenly, an administration that has waged a bureaucratic war on the domestic oil and gas industry since the day it took office has awakened and figuratively said, hey, maybe closing down these refining operations isnt such a great idea after all. Santa Rosa resident Alex Prince said it gave him hope that the cost of driving would be more affordable by Halloween. The permitting and building of a new greenfield refinery would take at least a decade; major expansions take several years from cradle to startup. Of course, high demand combined with high prices has led oil companies to make big profits. Dollar Tree Inc forecast annual profit well below estimates on Wednesday, hurt by elevated freight and investment costs and as consumers rein back spending on discretionary items. Refineries Shutting Down. This proved not to be the case in February of this year, however, when unseasonably freakish arctic weather temperatures dropped as low as -13C in Austin, -15C in Dallas and -23C in Amarillo led to the largest refineries in North America having to be shut down across the state. The industry leader for online information for tax, accounting and finance professionals. Some of these refineries that shut down in 2020 "will become terminals, some of them will become renewable diesel or biofuel plants," Israel added. In Pursuit Of Higher Value, Big Oil Isnt Losing Any Sleep Over The EV Revolution, Mining Majors Are Treading Carefully As Battery Metals Boom. It doesnt make sense, the 23-year-old said. When you have a power issue, that can sometimes be really difficult to operate around, he said. Thus, the President whose administration has been actively trying to limit the domestic oil industrys ability to get its business done is now so desperate to shift blame for high gasoline prices that he resorts to the pretense of being disappointed that that has been happening. Refiners' prices on those fuels - $250 to $280 per barrel - are closer to what consumers pay, Daniel Milan, managing partner at. The Biden administration has reportedly considered addressing the declining refining capacity, but has yet to act on the issue. At the same time, Goldman Sachs predicted refinery rates in 2021-2024 to be 3% lower relative to 2019, something which they felt would lead to more competition and permanent closures. "You're talking about a lot of money to get these refineries that are idled up and runningwhen I'm being told five years from now, we hope you don't exist," Cinquegrana says. At a time when gas prices are at the highest level in history, hurting regular Americans, he points out that Big Oil companies are enjoying record profits. In 2011, the refinery was idled. Second-largest Valero Energy Corp is targeting between 85% and 88%, down from 97% last quarter. Daily Caller News Foundation June 7, 2022. the successful shut down and closure of the Houston Refinery, including within the expected timeframe; the outcome of . Merchant of Record: A Media Solutions trading as Oilprice.com, That email address is already in the database. 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. Report: Biden Shuts Down Domestic Oil and Gas Supplies, Calls for More Production. The 50-year-old refinery was severely damaged after several feet of water flooded it during the storm. Shutdowns, or at. The refinery has since been bulldozed. The long term aim is for the company to achieve carbon neutrality by 2050. HOUSTON, Texas (KTRK) -- LyondellBasell is leaving the refining business. Additionally, refining investment is still underway. Meanwhile Chevron reported its highest quarterly profit in nearly a decade, while Shell posted its highest earnings ever. Most of the refinery closures occurred in western countries, the data showed. You stop making it. Why Biden's refinery push may run into trouble. 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. The Environmental Protection Agency under President Joe Biden is set to abruptly issue a sweeping denial of economic hardship exemptions to the Renewable Fuel Standard (RFS) program from small oil refineries around the U.S., likely forcing one Texas refinery to go out of business at a time when American energy independence is desperately needed. 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. 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. 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. Those that remain are running at 94% capacity. Change). 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 The refinery could be converted into a processor of pyrolysis oils, which can be used to make renewable diesel, but that study will take years. According to our annual Refinery Capacity Report, 2021 was the second consecutive year of decreasing refinery capacity. 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. So who cares about refined products? 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. Since it opened, more than half the refineries in the U.S. have closed. "I think the refining executives say, well, looks like the writing's on the wall," Cinquegrana says. Total gasoline inventories in the United States have been slowly building over the last few weeks, ending at 250 million barrels as of January 28, before the storm. It's no surprise that this is raising eyebrows, given the president's stated goals on an energy transition and also his promise to voters on the campaign trail that he would "end fossil fuels.". Rate of over 94 % the four California refinery shutdowns was unplanned maximum payment 1.8. Water flooded it during the storm refinery is among the top 25 largest-capacity facilities in refineries shutting down 2022 &... Most comprehensive solution to manage all your Complex and ever-expanding tax and compliance needs as if these facilities been... Capacity report, 2021 was the second consecutive year of decreasing refinery refineries shutting down 2022. And a member of the year. `` Corp is targeting between 85 % and 88 %, from! Massive Toledo manufacturing world & quot ; only got worse month by month the world & quot ; got... 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