Not Logged In Log In   Sign Up   Points Leaders
Follow Us    6:57 AM

GasBuddy News Article

44
votes
Demise of small Hess refinery threatens U.S. East Coast pump pain

Reuters -- Hess Corp's (HES.N) decision to close its U.S. East Coast refinery, the latest plant to fall victim to weak profits in the Atlantic Basin, could threaten painful gasoline price spikes for regional drivers as local fuel supplies dwindle further.

Hess will shut the 70,000-barrels-per-day Port Reading, New Jersey plant in late February, as part of a larger restructuring, the company said in a statement on Monday.

U.S. RBOB gasoline futures, already near a record high for this time of year, jumped more than 2 percent after the announcement, as the supply outlook for the Mid-Atlantic and New England markets suddenly looked tighter for the summer driving season.

A tighter East Coast gasoline market could mean national gasoline prices hit $4 a gallon by the spring if...


Read the Full Article

Submitted Jan 29, 2013 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Demise of small Hess refinery threatens U.S. East Coast pump pain Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

Posts:24,330
Points:2,442,140
Joined:Nov 2008
Message Posted: Feb 3, 2013 6:09:06 AM

so, is that the excuse to raise gas prices nearly 20 cents around here?
honda0105
Champion Author Tallahassee

Posts:24,330
Points:2,442,140
Joined:Nov 2008
Message Posted: Feb 2, 2013 3:59:01 AM

hpm: has not even anything to do w/ the administrations (see August 2008 when fuel prices hit well above $4/gal. Oh, yea,... that was under Bush43, btw).
hpmossii
Veteran Author Pennsylvania

Posts:296
Points:776,545
Joined:Oct 2012
Message Posted: Jan 30, 2013 11:17:39 PM

Obama wants the price of gasoline to go way up to force consumers to move toward alternative fuels.
myambro
Champion Author Sacramento

Posts:4,845
Points:1,762,095
Joined:Mar 2005
Message Posted: Jan 30, 2013 12:30:15 AM

We must be punished for using carbon fuel.
Zonk
Champion Author Michigan

Posts:9,828
Points:2,905,650
Joined:Oct 2005
Message Posted: Jan 29, 2013 10:45:38 PM

They are all on the obama team. Screw the American people.
10k
Champion Author North Carolina

Posts:25,806
Points:3,064,100
Joined:May 2006
Message Posted: Jan 29, 2013 10:42:05 PM

if we are talking wilco/hess, then not only will i lose a great deal of my reporting stations (those suckers are a dime a dozen in this area), but i presume unless sheetz can replace them around here, there will be alot of unhappy gas customers..

not me though, cause they sell ethanol crap, and i don't use ethanol crap in my car..
gaspumpin
Champion Author Indiana

Posts:4,730
Points:1,193,075
Joined:Apr 2012
Message Posted: Jan 29, 2013 10:39:06 PM

Thank you Obama and the EPA.
DEG
Champion Author Las Vegas

Posts:20,882
Points:4,278,305
Joined:Jul 2003
Message Posted: Jan 29, 2013 10:38:28 PM

The US should be building new refineries.
jetskijerry
Champion Author North Carolina

Posts:7,179
Points:1,567,310
Joined:Mar 2011
Message Posted: Jan 29, 2013 10:34:28 PM

This is crooked. We're exporting gas as fast as we can. This keeps our price rising.
unicornpmb
Champion Author Buffalo

Posts:11,874
Points:2,464,645
Joined:Sep 2005
Message Posted: Jan 29, 2013 10:31:22 PM

Let me wipe my tears.
bvrbill
Champion Author Eugene

Posts:8,436
Points:1,353,125
Joined:Jul 2011
Message Posted: Jan 29, 2013 10:31:00 PM

The dominos are starting fall...
crreed1
Champion Author West Virginia

Posts:5,156
Points:3,248,860
Joined:May 2005
Message Posted: Jan 29, 2013 10:26:56 PM

BS
craigsf38
Champion Author Rochester

Posts:9,088
Points:2,332,055
Joined:Jun 2008
Message Posted: Jan 29, 2013 10:26:43 PM

another stay at home season
Glock26
Champion Author Dayton

Posts:4,776
Points:1,414,035
Joined:Mar 2011
Message Posted: Jan 29, 2013 10:26:15 PM

Bull!!!
iFueler
Champion Author Durham

Posts:76,700
Points:1,011,875
Joined:Nov 2012
Message Posted: Jan 29, 2013 10:25:56 PM

this could turn out to be not so good in the long term
defiancegasman
Champion Author Ohio

Posts:7,198
Points:1,358,130
Joined:May 2006
Message Posted: Jan 29, 2013 10:24:41 PM

"the latest plant to fall victim to weak profits in the Atlantic Basin, could threaten painful gasoline price"

After a decade of RECORD PROFITS, the close refineries as soon as profits as NOT INCREASING! 10 BILLION a quarter is not ENOUGH FOR BIG OIL, the have to keep GETTING MORE!

TIME TO REINSTATE REGULATIONS to limit what they can do to SCREW AMERICA!!
DrLyon
Champion Author Michigan

Posts:9,094
Points:1,969,060
Joined:May 2006
Message Posted: Jan 29, 2013 10:24:13 PM

Someone takeover...
rahcat
Champion Author Grand Rapids

Posts:6,130
Points:1,500,225
Joined:Jan 2010
Message Posted: Jan 29, 2013 10:23:18 PM

Looks like another summer close to home.
Ray_10589
Champion Author New York

Posts:8,139
Points:1,973,120
Joined:May 2009
Message Posted: Jan 29, 2013 10:23:00 PM

repeat
cheapertvs
Champion Author Richmond

Posts:13,798
Points:3,554,995
Joined:Jan 2004
Message Posted: Jan 29, 2013 10:22:38 PM

Not good for the Eastern Seaboard.....
alaric76
Champion Author New Jersey

Posts:20,097
Points:3,844,110
Joined:Nov 2004
Message Posted: Jan 29, 2013 10:20:53 PM

just great for NJ, NOT!
Quick68
Champion Author Columbus

Posts:12,877
Points:2,039,075
Joined:Dec 2009
Message Posted: Jan 29, 2013 10:20:01 PM

The demise of the small Hess refinery is the doing again of our government to keep the price of gas & oil up.
yakstar
Champion Author Montreal

Posts:5,555
Points:1,265,625
Joined:Jan 2012
Message Posted: Jan 29, 2013 10:18:32 PM

don't tell me they're shipping all the crude to China for processing!
boatfloyd
Champion Author Jacksonville

Posts:5,148
Points:1,199,815
Joined:Mar 2012
Message Posted: Jan 29, 2013 10:18:23 PM

It's all about the money.
RambleOn
Champion Author New York

Posts:3,858
Points:2,276,875
Joined:Aug 2008
Message Posted: Jan 29, 2013 10:18:13 PM

Gadzooks!!! This isn't until 4 more weeks but the prices jumped up today.

Looks like I picked a bad week to quit sniffing glue...
unclenorman
Champion Author Tampa

Posts:2,656
Points:628,925
Joined:Jan 2012
Message Posted: Jan 29, 2013 10:17:46 PM

I'll never believe a small refinery isn't profitable.Why close it?SELL it to someone that can turn a profit!!!!!!!!!!!!!!!!!!!!!!!
Cableman66
Champion Author North Carolina

Posts:5,847
Points:1,323,825
Joined:May 2011
Message Posted: Jan 29, 2013 10:16:58 PM

Sorry. Need new refineries in the East but not with current EPA.
ricebike
Champion Author New Jersey

Posts:12,957
Points:2,568,780
Joined:Oct 2005
Message Posted: Jan 29, 2013 10:16:19 PM

so that's why prices spiked over the weekend? ok, thank you, news article!
tedjm1
Champion Author New York

Posts:5,609
Points:801,050
Joined:Dec 2006
Message Posted: Jan 29, 2013 10:15:25 PM

Must keep East coast prices as highest in nation.
JasTheAce
Champion Author Raleigh

Posts:4,290
Points:1,000,635
Joined:Nov 2012
Message Posted: Jan 29, 2013 10:14:38 PM

b.s.
Dailyrun
Champion Author Kentucky

Posts:2,217
Points:434,915
Joined:Apr 2012
Message Posted: Jan 29, 2013 10:13:10 PM

One excuse is as good as another.
Ferdman17
Champion Author Albany

Posts:4,457
Points:1,194,530
Joined:Feb 2012
Message Posted: Jan 29, 2013 10:12:28 PM

I agree gocatgo
SteelPenny
Champion Author Dallas

Posts:38,744
Points:3,415,790
Joined:Sep 2005
Message Posted: Jan 29, 2013 10:12:21 PM

2nd time for this story.
jkpsr
Champion Author New Jersey

Posts:5,978
Points:1,639,420
Joined:Jun 2005
Message Posted: Jan 29, 2013 10:12:08 PM

Seems like last spring everyone was warning about $5+ prices.
regout
Champion Author Quebec

Posts:6,205
Points:1,615,555
Joined:May 2010
Message Posted: Jan 29, 2013 10:11:01 PM

Bad luck.
gocatgo
Champion Author South Carolina

Posts:19,888
Points:3,342,810
Joined:Apr 2006
Message Posted: Jan 29, 2013 10:07:30 PM

Big Oil is doing there part to lower gasoline supplies to boost prices up.
Thomtec
Champion Author Nashville

Posts:5,777
Points:1,438,180
Joined:May 2011
Message Posted: Jan 29, 2013 10:06:30 PM

Please
obimerrill
Champion Author Cincinnati

Posts:4,824
Points:1,125,915
Joined:Jul 2012
Message Posted: Jan 29, 2013 10:06:22 PM

Oil company cutting back so they can charge more while making and spending less!!
yyc2yow
Champion Author Ottawa

Posts:1,043
Points:690,575
Joined:Dec 2009
Message Posted: Jan 29, 2013 10:04:05 PM

wow what a surprise
mcmonsta
Champion Author Honolulu

Posts:6,319
Points:1,636,775
Joined:Sep 2009
Message Posted: Jan 29, 2013 10:02:50 PM

another well managed refinery(ies)???
Aviator_Rob
Champion Author New York

Posts:7,617
Points:1,229,135
Joined:Mar 2012
Message Posted: Jan 29, 2013 10:02:46 PM

Great idea, @wayoung56. We'll let Big Oil know you're interested in their using your land. A survey crew will be over in the morning.

In all seriousness, who's going to build these new refineries? Big Oil is SHUTTING DOWN the ones they have.
Aviator_Rob
Champion Author New York

Posts:7,617
Points:1,229,135
Joined:Mar 2012
Message Posted: Jan 29, 2013 10:00:09 PM

Understand something, @mstearno. Big Oil is NOT interested in job creation. If they could automate every facet of oil exploration, production, and distribution, they would.

Please explain to me how restricting fuel supplies domestically in favor of exporting petroleum products helps the American consumer.

Big Oil is NOT interested in lowering gas prices, which would lower the cost of transportation in this country. They ARE interested in maximizing profits... for them.
HA4CNN
Champion Author Toronto

Posts:8,767
Points:2,308,440
Joined:Dec 2006
Message Posted: Jan 29, 2013 10:00:02 PM

Not again.
hyeglenn
Champion Author Fresno

Posts:4,185
Points:1,405,710
Joined:Apr 2011
Message Posted: Jan 29, 2013 9:58:16 PM

Thank you Mr. President.
labombaOH
All-Star Author Ohio

Posts:610
Points:197,770
Joined:Nov 2007
Message Posted: Jan 29, 2013 9:57:40 PM

Whats the latin word for hosed?................................yea that's it CHENEY
NorthglennBill
Champion Author Denver

Posts:10,671
Points:2,263,525
Joined:Oct 2008
Message Posted: Jan 29, 2013 9:57:08 PM

If the oil companies continue to squeeze the profit out of refining oil may be soon there will no refineries left to buy the oil. That would be justice toward the oil companies and oil speculators. Unfornuately, the rest of us would suffer or have to start using alternate energy.
Buddy2264
Champion Author Tampa

Posts:15,130
Points:3,200,245
Joined:Oct 2005
Message Posted: Jan 29, 2013 9:52:16 PM

Maybe an airline will buy this one too, or others will expand capacity.
OGW
Champion Author London

Posts:7,135
Points:2,215,765
Joined:Sep 2005
Message Posted: Jan 29, 2013 9:43:36 PM

Unfortunately it was not an efficient or profitable refinery!
mstearno
Champion Author Dayton

Posts:9,694
Points:2,375,135
Joined:Jan 2008
Message Posted: Jan 29, 2013 9:42:46 PM

Aviator Rob
creating jobs in energy is how big oil helps us
How about a little help from an economics class
supply and demand
if we had more jobs big oil would make even more money because people (well most) would drive to work... Would that be bad?
tidalwave3
Champion Author Tallahassee

Posts:2,828
Points:2,216,905
Joined:Jun 2008
Message Posted: Jan 29, 2013 9:42:24 PM

Going to be toUGH IN New England this summer :(
kcboy
Champion Author Utah

Posts:6,297
Points:2,072,005
Joined:Jun 2005
Message Posted: Jan 29, 2013 9:42:04 PM

ok
Post a reply Back to Topics