UPDATE: This article has been updated to include comment from LyondellBasell Industries on its plans to cease operations in 2023. The drop in capacity was driven by a 13% drop in gasoline consumption, and prices for gasoline and diesel hit a four year low. 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. 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. On Thursday, Lyondellbasell Industries announced its plans to shut down its Houston Oil refinery by 2023 permanently. 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. 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. De Haan added that one wild card could be Hurricane Ian, which, as of Monday, was approaching the Gulf Coast. The end of the Keystone pipeline is also troubling for the oil gas . Not that the problem is confined to the US, with closures some tagged as temporary at the time also happening across Europe and in Australia. Please, Saudi Aramco Looks To Invest In LNG Export Facility Abroad, European Natural Gas Prices Post Longest Monthly Losing Streak Since 2020, Alberta Eyes Massive Budget Surplus Thanks To High Oil Prices, U.S. Crude Oil Inventories Continue To Build, Russias Oil Exports Still Strong Despite Sanctions, Russian Oil And Gas Project Misses Output Targets After Exxon Exit, Gazprom Neft: Russian Oil Output Cut Will Help Balance The Market, BPs CEO Warns Of Oil And Gas Price Spikes If Energy Transition Is Rushed, House Republicans Look To Block ESG Investing In Retirement Plans, Chevron Hikes Annual Share Buyback Target To $17.5 Billion, BP To Stop Publishing Statistical Review Of World Energy After 71 Years, Shale CEO Highlights What Argentinas Oil Industry Needs To Flourish, Japan Steps Up Efforts To Build Nuclear Fusion Reactor, U.S. Natural Gas Futures Hit One-Month High, UK Households Brace For Higher Energy Bills In April, Kazakhstan Enters New Era Amid Strong Demand For Its Commodities, Rio Tinto Signs Iron Deal With One Of Chinas Top Steelmakers, Mexico's Oil Giant Reports Staggering Losses, U.S. Some of its been very policy-driven and companies decided that it wasnt worth it to keep operating those assets.. 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. The Marathon Anacortes Refinery. Diesel fuel supplies have hit all-time lows on the East Coast and gasoline prices have soared to multiple records in recent weeks. 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. 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. All quotes delayed a minimum of 15 minutes. 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. Since it opened, more than half the refineries in the U.S. have closed. With gas prices surging past $5.00 a gallon, many Americans are wondering what is the problem. The company determined that exiting the refining business, by the end of next year, is the best strategic and financial path forward, the company added in its statement to TheDCNF. Education: BA, Marquette University. var write_html = `