Remember when the Democrats shut down the east coast's largest refinery.
Oil prices may never be the same.
"On June 21, 2019, part of the Philadelphia Energy Solutions refinery, the
largest oil refinery on the East Coast of the United States, blew up. The explosion, which resulted from a burst pipe that allowed the release of a mixture of volatile and highly toxic gasses, scattered debris into surrounding neighborhoods, and lofted a school bus-sized chunk of the facility across a nearby river. Quick action on the part of refinery operators prevented an even larger disaster. Miraculously, no one was seriously hurt in the moments following the blast.
The explosion should have marked the end of the Philadelphia Energy Solutions refinery, a business that had emerged from bankruptcy just a year before.
www.forbes.com
In the last decade, the 335,000-barrel-per-day PES remained profitable thanks to a fleeting set of oil market circumstances. Beginning in the early 2010s crude oil from North Dakota’s Bakken region began to arrive in Philadelphia by rail. At the time Bakken producers had few options to get their oil to market, as pipelines had yet to be expanded to transport the volume of new crude to the country’s refining centers along the Gulf coast.
Yet when the Dakota Access pipeline
opened in 2017, PES’ lifeline of low-cost crude began to dry up, and the refinery turned to costly imported oil priced on the international Brent benchmark.
Ultimately, the decision on what to do with PES and its vast acreage was to be decided in a private auction organized by the company and its creditors with final approval to come from a Delaware bankruptcy court."
Fughing Democrats shut it down right?
