Not Logged In Log In   Sign Up   Points Leaders
Follow Us    1:58 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
Profile Pic
honda0105
Champion Author Tallahassee

Posts:22,713
Points:2,184,815
Joined:Nov 2008
Message Posted: Feb 3, 2013 8:09:06 AM

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

Posts:22,713
Points:2,184,815
Joined:Nov 2008
Message Posted: Feb 2, 2013 5:59:01 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).
Profile Pic
hpmossii
Veteran Author Pennsylvania

Posts:262
Points:586,065
Joined:Oct 2012
Message Posted: Jan 31, 2013 1:17:39 AM

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

Posts:4,373
Points:1,553,700
Joined:Mar 2005
Message Posted: Jan 30, 2013 2:30:15 AM

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

Posts:8,930
Points:2,669,875
Joined:Oct 2005
Message Posted: Jan 30, 2013 12:45:38 AM

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

Posts:24,609
Points:2,828,000
Joined:May 2006
Message Posted: Jan 30, 2013 12:42:05 AM

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..
Profile Pic
gaspumpin
Champion Author Indiana

Posts:3,820
Points:954,750
Joined:Apr 2012
Message Posted: Jan 30, 2013 12:39:06 AM

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

Posts:20,007
Points:4,048,655
Joined:Jul 2003
Message Posted: Jan 30, 2013 12:38:28 AM

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

Posts:6,322
Points:1,340,235
Joined:Mar 2011
Message Posted: Jan 30, 2013 12:34:28 AM

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

Posts:10,974
Points:2,204,545
Joined:Sep 2005
Message Posted: Jan 30, 2013 12:31:22 AM

Let me wipe my tears.
Profile Pic
bvrbill
Champion Author Eugene

Posts:6,996
Points:1,093,025
Joined:Jul 2011
Message Posted: Jan 30, 2013 12:31:00 AM

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

Posts:4,294
Points:3,040,410
Joined:May 2005
Message Posted: Jan 30, 2013 12:26:56 AM

BS
Profile Pic
craigsf38
Champion Author Rochester

Posts:8,182
Points:2,085,330
Joined:Jun 2008
Message Posted: Jan 30, 2013 12:26:43 AM

another stay at home season
Profile Pic
Glock26
Champion Author Dayton

Posts:3,902
Points:1,184,100
Joined:Mar 2011
Message Posted: Jan 30, 2013 12:26:15 AM

Bull!!!
Profile Pic
iFueler
Champion Author Durham

Posts:74,758
Points:749,775
Joined:Nov 2012
Message Posted: Jan 30, 2013 12:25:56 AM

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

Posts:7,188
Points:1,355,355
Joined:May 2006
Message Posted: Jan 30, 2013 12:24:41 AM

"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!!
Profile Pic
DrLyon
Champion Author Michigan

Posts:8,527
Points:1,729,790
Joined:May 2006
Message Posted: Jan 30, 2013 12:24:13 AM

Someone takeover...
Profile Pic
rahcat
Champion Author Grand Rapids

Posts:5,180
Points:1,237,900
Joined:Jan 2010
Message Posted: Jan 30, 2013 12:23:18 AM

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

Posts:7,270
Points:1,741,020
Joined:May 2009
Message Posted: Jan 30, 2013 12:23:00 AM

repeat
Profile Pic
cheapertvs
Champion Author Richmond

Posts:12,854
Points:3,316,670
Joined:Jan 2004
Message Posted: Jan 30, 2013 12:22:38 AM

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

Posts:19,173
Points:3,609,660
Joined:Nov 2004
Message Posted: Jan 30, 2013 12:20:53 AM

just great for NJ, NOT!
Profile Pic
Quick68
Champion Author Columbus

Posts:11,676
Points:1,801,975
Joined:Dec 2009
Message Posted: Jan 30, 2013 12:20:01 AM

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

Posts:4,675
Points:1,033,930
Joined:Jan 2012
Message Posted: Jan 30, 2013 12:18:32 AM

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

Posts:4,242
Points:963,565
Joined:Mar 2012
Message Posted: Jan 30, 2013 12:18:23 AM

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

Posts:3,162
Points:2,047,050
Joined:Aug 2008
Message Posted: Jan 30, 2013 12:18:13 AM

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...
Profile Pic
unclenorman
Champion Author Tampa

Posts:2,631
Points:547,075
Joined:Jan 2012
Message Posted: Jan 30, 2013 12:17:46 AM

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

Posts:4,798
Points:1,063,125
Joined:May 2011
Message Posted: Jan 30, 2013 12:16:58 AM

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

Posts:12,210
Points:2,346,205
Joined:Oct 2005
Message Posted: Jan 30, 2013 12:16:19 AM

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

Posts:5,609
Points:801,050
Joined:Dec 2006
Message Posted: Jan 30, 2013 12:15:25 AM

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

Posts:3,402
Points:745,210
Joined:Nov 2012
Message Posted: Jan 30, 2013 12:14:38 AM

b.s.
Profile Pic
Dailyrun
Champion Author Kentucky

Posts:2,217
Points:434,915
Joined:Apr 2012
Message Posted: Jan 30, 2013 12:13:10 AM

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

Posts:3,611
Points:941,745
Joined:Feb 2012
Message Posted: Jan 30, 2013 12:12:28 AM

I agree gocatgo
Profile Pic
SteelPenny
Champion Author Dallas

Posts:36,615
Points:3,178,915
Joined:Sep 2005
Message Posted: Jan 30, 2013 12:12:21 AM

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

Posts:5,936
Points:1,574,480
Joined:Jun 2005
Message Posted: Jan 30, 2013 12:12:08 AM

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

Posts:5,405
Points:1,403,255
Joined:May 2010
Message Posted: Jan 30, 2013 12:11:01 AM

Bad luck.
Profile Pic
gocatgo
Champion Author South Carolina

Posts:18,909
Points:3,104,710
Joined:Apr 2006
Message Posted: Jan 30, 2013 12:07:30 AM

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

Posts:4,910
Points:1,179,730
Joined:May 2011
Message Posted: Jan 30, 2013 12:06:30 AM

Please
Profile Pic
obimerrill
Champion Author Cincinnati

Posts:3,921
Points:864,815
Joined:Jul 2012
Message Posted: Jan 30, 2013 12:06:22 AM

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

Posts:1,039
Points:656,095
Joined:Dec 2009
Message Posted: Jan 30, 2013 12:04:05 AM

wow what a surprise
Profile Pic
mcmonsta
Champion Author Honolulu

Posts:5,491
Points:1,383,255
Joined:Sep 2009
Message Posted: Jan 30, 2013 12:02:50 AM

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

Posts:6,646
Points:974,030
Joined:Mar 2012
Message Posted: Jan 30, 2013 12:02:46 AM

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.
Profile Pic
Aviator_Rob
Champion Author New York

Posts:6,646
Points:974,030
Joined:Mar 2012
Message Posted: Jan 30, 2013 12:00:09 AM

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.
Profile Pic
HA4CNN
Champion Author Toronto

Posts:7,876
Points:2,074,890
Joined:Dec 2006
Message Posted: Jan 30, 2013 12:00:02 AM

Not again.
Profile Pic
hyeglenn
Champion Author Fresno

Posts:3,363
Points:1,161,720
Joined:Apr 2011
Message Posted: Jan 29, 2013 11:58:16 PM

Thank you Mr. President.
Profile Pic
labombaOH
Veteran Author Ohio

Posts:449
Points:134,650
Joined:Nov 2007
Message Posted: Jan 29, 2013 11:57:40 PM

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

Posts:9,787
Points:2,030,120
Joined:Oct 2008
Message Posted: Jan 29, 2013 11:57:08 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.
Profile Pic
Buddy2264
Champion Author Tampa

Posts:14,198
Points:2,936,145
Joined:Oct 2005
Message Posted: Jan 29, 2013 11:52:16 PM

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

Posts:6,890
Points:2,027,355
Joined:Sep 2005
Message Posted: Jan 29, 2013 11:43:36 PM

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

Posts:9,516
Points:2,214,545
Joined:Jan 2008
Message Posted: Jan 29, 2013 11:42:46 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?
Profile Pic
tidalwave3
Champion Author Tallahassee

Posts:2,468
Points:1,997,805
Joined:Jun 2008
Message Posted: Jan 29, 2013 11:42:24 PM

Going to be toUGH IN New England this summer :(
Post a reply Back to Topics