Change), You are commenting using your Facebook account. 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. (Photo by Justin Sullivan/Getty Images). Reports on oil and energy, including refineries, markets and renewable fuels. Of course, high demand combined with high prices has led oil companies to make big profits. 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. You stop making it. "I think the refining executives say, well, looks like the writing's on the wall," Cinquegrana says. Previously worked at Euromoney Institutional Investor and CNN. EMBED <> More Videos LyondellBasell plans to shut down its Houston refinery at the end of 2023, impacting 550 jobs. 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. Like Marathon, Valero has not given any indication when the refinery will be back up. Trading and investing carries a high risk of losing money rapidly due to leverage. There were other disasters around the same time. LyondellBasell plans to shut down its Houston refinery at the end of 2023, impacting 550 jobs. We, Yahoo, are part of the Yahoo family of brands. That is pretty much always the inevitable outcome of such policies. if(window.innerWidth <= 1023){ George Frey/Getty Images The Houston, Texas, facility which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 is . The drop in capacity was driven by a 13% drop in gasoline consumption, and prices for gasoline and diesel hit a four year low. 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 end of the Keystone pipeline is also troubling for the oil gas . Chevron CEO Mike Wirth recently stated as much in an interview with Bloomberg. Shutdowns, or at. 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. , 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. The United States hasn't seen a major new refinery built since the 1970s. But this is a problem for which there are no quick remedies. According to our annual Refinery Capacity Report, 2021 was the second consecutive year of decreasing refinery 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. It had been $5.64 last week. SALT LAKE CITY, UT - MAY 24: A driver unloads raw crude oil from his tanker to process into gas at Marathon Refinery on May 24, 2022 in Salt Lake City, Utah. Since the start of the pandemic, statistics related to Covid-19 hospitalizations in the world "only got worse month by month . var write_html = `
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