During record high gas prices Oil Refinery announces permanent shut down due to financial burden of aging infrastructure

2 Chronicles 7:14 “If my people who are called by my name humble themselves, and pray and seek my face and turn from their wicked ways, then I will hear from heaven and will forgive their sin and heal their land

Important Takeaways:

  • Massive U.S. oil refinery on track to shut down amid fuel shortages, record prices
  • The Houston, Texas, facility — which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 — is scheduled to permanently close by the end of 2023, but could shut down earlier if a “major equipment failure” spreads to major units, two people familiar with the issues told Reuters.
  • The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel.
  • The company announced in April that it would shut the refinery by 2024 due to the heavy financial burden of upgrading its more than 100-year-old infrastructure, Barron’s reported at the time.
  • Meanwhile, six refineries with a capacity of about 801,000 bpd of oil have shuttered over the last two years amid the pandemic, federal data showed. In addition, five refineries with a capacity of 408,100 bpd of oil are idle, the largest number of idle refineries since 2012.

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