Rigzone (Bloomberg) — Some U.S. motorists who’d been expecting an end-of-summer relief for gasoline prices should start bracing for higher costs at the pump in the coming days due to Hurricane Ida. Ida made landfall in Louisiana Sunday and is traveling along a path where seven fuel-makers process the equivalent of 12% of the oil refined nationwide. The Category 4
World Oil (Bloomberg) –The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to combat higher costs at the pump. FTC Chair Lina Khan is directing staff to identify new legal theories to challenge
Nasdaq HOUSTON – Hurricane Ida pummeled U.S. Gulf Coast energy suppliers, knocking out most of the region’s offshore wells, nearly half its motor fuel production and closing energy-export ports. The storm moved into Mississippi on Monday after leaving a trail of destruction in Louisiana and rampaging through U.S. offshore oil and gas fields. Hundreds of oil production platforms were
Reuters BP Plc BP.L said on Tuesday it would buy the majority share it does not already own in its Thorntons joint venture from ArcLight Capital Partners LLC to expand its presence in the U.S. fuels and convenience retail business. The acquisition will bring BP more than 200 retail stores in Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida and will mark
Reuters The owners of Limetree Bay, a Caribbean refinery that was once the largest in the Western Hemisphere, filed for bankruptcy on Monday after lenders balked at putting new cash into a project dogged by cost overruns and regulatory troubles. The St. Croix refinery overhaul was the most expensive effort in nearly a decade to expand refining capacity in the
Reuters Unionized workers will return to work at a Minnesota refinery next week after reaching a six-year contract agreement with Marathon Petroleum that ends a months-long work stoppage, the union said on Thursday. Teamsters Local 120 in St. Paul Park, Minnesota, approved a revised contract offer from Marathon Petroleum after fighting proposals that could have cut jobs and subcontracted maintenance
Reuters SINGAPORE (Reuters) – Asian refiners are paying the highest premiums for Middle East and Russian crude oil in about a year, due to firm demand and more costly imports from the West, industry sources said. High prices could prompt refiners to draw down inventories, tightening supply buffers even as the Organization of the Petroleum Exporting Countries (OPEC) and their
Reuters NEW YORK -President Joe Biden’s administration, under pressure from labor unions and U.S. senators including from his home state of Delaware, is considering ways to provide relief to U.S. oil refiners from biofuel blending mandates, three sources familiar with the matter said. The issue pits two of the administration’s important political constituencies against each other: blue-collar refinery workers and
Reuters HOUSTON – Negotiators for the United Steelworkers union (USW) and Exxon Mobil Corp will meet on Thursday for the first time since the company locked 650 workers out of its Beaumont, Texas, refinery on May 1, said a union official on Wednesday. “We will be trying to resolve the open issues,” said USW Staff Representative Hoot Landry. Exxon did
Yahoo News A huge fire has broken out at an oil refinery in the southern part of the Iranian capital Tehran, Iranian state media reported, saying there were so far no reports of casualties. Iran’s Tasnim news agency said all operations had been suspended at the facility, known as the Tondguyan refinery, as firefighters tried to contain the blaze. “A
Reuters Royal Dutch Shell (RDSa.L) was still evaluating plans for an idled Louisiana oil refinery, the company said on Monday, after a Baton Rouge investor said over the weekend his $1.25 billion offer was not accepted. American Clean Energy Refining LLC (ACER), based in Baton Rouge, submitted two bids for the refinery, the first last December, Chief Executive George R. Dabbs told
Fox Business HOUSTON/MEXICO CITY – Royal Dutch Shell agreed on Monday to sell its controlling interest in a Texas refinery to partner Petroleos Mexicanos (Pemex) for about $596 million, the latest move by the European oil major to cut its global refining footprint. The deal makes the Deer Park, Texas, facility the first foreign refinery that Mexico’s state-run oil company
