Slow-Rolling the Industry; Anything To Kill the Oil and Gas Industry

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Philadelphia area refinery closures will be only the beginning of shutdowns nationwide if the federal government does not change several key regulations, two oil industry officials warned on Apr. 26. Ethanol mandates in the 2007 Energy Independence and Security Act pose a particular threat, they told the US Senate-House Joint Economic Committee.

“The recent refinery closures that have occurred or are currently pending are the tip of an iceberg,” said Thomas D. O’Malley, chairman of PBF Energy Co. LLC, which operates refineries in Delaware City, Del. (190,000 b/d), Paulsboro, NJ (180,000 b/d), and Toledo, Ohio (170,000 b/d).

Gasoline needs to get to $9/gallon (see Secretary of the Interior Salazar's comments on $9 gasoline) to make coal-powered cars, wind energy, and solar energy competitive. 

There are multiple ways to move toward $9 gasoline.