Energy: Refined out of existance.

Rockstar · 04-10-12, 10:24 AM

I know of three marine towing companies tying up their boats, fuel barges and laying people by the hundreds because there is no fuel to move between U.S. ports.

http://www.ft.com/cms/s/0/256f583c-7...#axzz1rePc3LUp

As petrol prices rise and western demand shrinks, refineries are closing across the developed world.

Tanking market: US petrol demand has fallen since 2007 amid improved fuel efficiency and the impact of a weaker economy. Sunoco petrol stations are a fixture of the US eastern seaboard, their blue-and-yellow awnings touting the brand's status as official fuel of Nascar racing. But after July, none of the petrol they sell will actually be made by Sunoco. The 126-year-old company's decision to quit the refining business is the latest sign of the tumult in downstream fuel markets that is accompanying a global shift in oil use. As consumption flags in developed economies and grows in emerging markets, refineries are dying from Japan to Pennsylvania, the Sunoco home state where oil wells drilled in the 1850s begat the petroleum age.

Half the refining capacity on the populous US east coast is set to disappear. Sunoco has pulled the plug on two refineries already and warns that another in Philadelphia will close in July if no buyer steps forward. ConocoPhillips is trying to sell a refinery in Pennsylvania, idle since last year. On May 1, it will spin off its refining business. More than 3m barrels of daily refinery capacity have closed in western countries, since the financial crisis, says the International Energy Agency, the west's oil watchdog. Emerging economies have meanwhile added 4.2m b/d in capacity, with another 1.8m b/d coming this year. It'sreally a tale of two markets, says Toril Bosoni, IEA senior oil analyst. You have very contrasting pictures for economic growth and demand, and refining is reflecting what's going on elsewhere.

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04-10-12, 10:24 AM	#1
Rockstar In the Brig Join Date: Nov 2002 Location: Zendia Bar & Grill Posts: 12,614 Downloads: 10 Uploads: 0	Energy: Refined out of existance. I know of three marine towing companies tying up their boats, fuel barges and laying people by the hundreds because there is no fuel to move between U.S. ports. http://www.ft.com/cms/s/0/256f583c-7...#axzz1rePc3LUp As petrol prices rise and western demand shrinks, refineries are closing across the developed world. Tanking market: US petrol demand has fallen since 2007 amid improved fuel efficiency and the impact of a weaker economy. Sunoco petrol stations are a fixture of the US eastern seaboard, their blue-and-yellow awnings touting the brand's status as official fuel of Nascar racing. But after July, none of the petrol they sell will actually be made by Sunoco. The 126-year-old company's decision to quit the refining business is the latest sign of the tumult in downstream fuel markets that is accompanying a global shift in oil use. As consumption flags in developed economies and grows in emerging markets, refineries are dying from Japan to Pennsylvania, the Sunoco home state where oil wells drilled in the 1850s begat the petroleum age. Half the refining capacity on the populous US east coast is set to disappear. Sunoco has pulled the plug on two refineries already and warns that another in Philadelphia will close in July if no buyer steps forward. ConocoPhillips is trying to sell a refinery in Pennsylvania, idle since last year. On May 1, it will spin off its refining business. More than 3m barrels of daily refinery capacity have closed in western countries, since the financial crisis, says the International Energy Agency, the west's oil watchdog. Emerging economies have meanwhile added 4.2m b/d in capacity, with another 1.8m b/d coming this year. It'sreally a tale of two markets, says Toril Bosoni, IEA senior oil analyst. You have very contrasting pictures for economic growth and demand, and refining is reflecting what's going on elsewhere. . Last edited by Rockstar; 04-10-12 at 11:25 AM.