Huge story
Go to the link
Many, many data points including cost of Nigerian oil
Explains why these East Coast refineries closing
My hunch: cost of gasoline on East Coast to rise significantly -- by Memorial Day
Link here to FT.com.
Half the refining capacity on the populous US east coast is set to disappear. Sunoco has pulled the plug on two refineries already and warns that another in Philadelphia will close in July if no buyer steps forward. ConocoPhillips is trying to sell a refinery in Pennsylvania, idle since last year. On May 1, it will spin off its refining business. More than 3m barrels of daily refinery capacity have closed in western countries, since the financial crisis....
Emerging economies have meanwhile added 4.2m b/d in capacity, with another 1.8m b/d coming this year.
I've blogged about this several times already including an interesting dot connecting the Bakken. Search "Preferred Sands."
Let's see: if North Dakota gets the three new diesel refineries and the additional capacity at Tesoro/Mandan, does that make North Dakota part of the world's "emerging economies" that have added refining capacity in the past year or so?
