In January, Hovensa entered into a consent decree with the U.S. Environmental Protection Agency and Justice Department in which the company agreed to invest $700 million on pollution controls after a series of chemical releases affected people living downwind from the refinery. Hovensa also agreed to pay a $5.4 million penalty for violating the Clean Air Act. "We deeply regret the closure of the Hovensa refinery and the impact on our dedicated people," Lever said in a statement. "We explored all available options to avoid this outcome, but severe financial losses left us with no other choice." The refinery employs about 1,200 people in St. Croix in addition to approximately 950 contractors, according to Hovensa spokesman David Roznowski. About 100 people, including contractors, will work at the oil storage terminal, the company said. The refinery, founded in the 1960s, has been producing about 350,000 barrels per day during the rough economic climate. Hovensa was the third largest U.S. refinery before it cuts its capacity of 500,000 barrels by 30 percent last year. Major oil refinery to close in US Virgin Islands - Yahoo! News Realities folks... What Obama could have done was do what Bush would have done worked with Hovensa to see how both sides could win! BUT with Obama since he HAD NO business experience and most of his administration HATE profits and OIL companies even more... THEY ARE HAPPY this refinery is closing! AND guess where refineries are being built??? The closure reflects a three-year trend across the U.S. of refineries closing because of the global financial crisis, a drop in gasoline consumption and a shift in growth elsewhere, Gheit said. "They cannot compete with the modern refineries being built in India, China and the Middle East," he said. And guess what those countries and areas care very little about .."GLOBAL WARMING".. don't have an EPA equivalent slamming them with $700 million pollution controls! THANKS to Obama!