A plan by Delta Air Lines to buy a Pennsylvania refinery and save itself $300 million a year in jet fuel costs is an audacious move that may prompt its competitors to follow suit in a bid to control their biggest single expense, analysts said.
But the airline may also face bigger bills than it expects for restarting the currently idle plant and more than doubling its previous output of jet fuel. Keep reading →
While gas prices soar to record levels, many U.S. refineries that make and sell gasoline are going broke. Nearly 50% of the refining capacity on the East Coast has either shut down or may shut down within the next few months. If gas shortages develop due to the closed refineries, East Coast drivers could face higher prices than they otherwise would later this year. Sunoco , which closed its Philadelphia-area Marcus Hook refinery in December and is trying to sell another facility nearby, said its refining businesses has been losing $1 million dollars a day for three years running.
A new midstream service complex in Ohio is the subject of a recent deal that underpins a wider resurgence activity in the industrial sector driven by shale gas discoveries across the country, but particularly in the states underlying the Utica and Marcellus Shales.
An unexpected but common theme at the Wall Street Green Summit going on this week in New York is how unconventional natural gas development is strengthening the US manufacturing sector. Keep reading →
The possible permanent closure of three eastern Pennsylvania refineries would make the region more dependent on outside sources for petroleum products and force marketers to overhaul supply chains for gasoline, diesel heating oil, jet fuel and lubricants, state legislators heard on Monday.
But closure isn’t likely to have a big effect on prices or supply on the US East Coast because alternative sources such as the Gulf Coast, higher overseas imports and increased pipeline shipments from the Midwest will be found, according to a new study presented to lawmakers. Keep reading →
