refineries shutting down 2022

According to our annual Refinery Capacity Report, 2021 was the second consecutive year of decreasing refinery capacity. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Operating refinery capacity in the US has decreased since 2020 Over the last three years, more than 1 million barrels a day of refining capacity went offline a s a result of the pandemic and extreme weather. Valeros (NYSE: VLO) Texas City 225,000 bpd refinery has also shut down. 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 rising volumes of biofuels into the gasoline have overwhelmed their ability to be profitable. PETALUMA, CALIFORNIA - MAY 18: A customer pumps gas into their car at a gas station on May 18, 2022 in Petaluma, California. Second-largest Valero Energy Corp is targeting between 85% and 88%, down from 97% last quarter. 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. 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. This is a family newspaper, please use a kind and respectful tone. Louisiana's 17 oil refineries account for nearly one-fifth of the nation's refining capacity, with the ability to process about 3.4 million barrels of crude oil per day, according to the . The refinery became unprofitable as COVID-19 spread across the United States. Unless otherwise stated, photos Big Stock Photography Dreamstime Photos Google Maps Thompson Reuters. 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. Biden spoke at the 29th AFL-CIO Quadrennial Constitutional Convention in Philadelphia. Well, it turns out a lot of people need refined products," says Blanch. Chevron CEO Mike Wirth recently stated as much in an interview with Bloomberg. Follow this author to stay notified about their latest stories. HollyFrontier shut all units as of the end of August 2020 at its 48,000 barrels per day refinery in Cheyenne, Wyoming. David Ryder/Getty Images Covid and oil demand took divergent directions in mid-2020. It isnt as if these facilities have been idle. if(window.innerWidth<=1023){var write_html='