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Demise of small Hess refinery threatens U.S. East Coast pump pain

Reuters -- Hess Corp's (HES.N) decision to close its U.S. East Coast refinery, the latest plant to fall victim to weak profits in the Atlantic Basin, could threaten painful gasoline price spikes for regional drivers as local fuel supplies dwindle further.

Hess will shut the 70,000-barrels-per-day Port Reading, New Jersey plant in late February, as part of a larger restructuring, the company said in a statement on Monday.

U.S. RBOB gasoline futures, already near a record high for this time of year, jumped more than 2 percent after the announcement, as the supply outlook for the Mid-Atlantic and New England markets suddenly looked tighter for the summer driving season.

A tighter East Coast gasoline market could mean national gasoline prices hit $4 a gallon by the spring if...

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Submitted Jan 29, 2013 By: NOTSOGRN
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 3, 2013 8:09:06 AM
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so, is that the excuse to raise gas prices nearly 20 cents around here?
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 2, 2013 5:59:01 AM
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hpm: has not even anything to do w/ the administrations (see August 2008 when fuel prices hit well above $4/gal. Oh, yea,... that was under Bush43, btw).
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hpmossii
Sophomore Author Pennsylvania

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Message Posted: Jan 31, 2013 1:17:39 AM
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Obama wants the price of gasoline to go way up to force consumers to move toward alternative fuels.
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myambro
Champion Author Sacramento

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Message Posted: Jan 30, 2013 2:30:15 AM
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We must be punished for using carbon fuel.
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Zonk
Champion Author Michigan

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Message Posted: Jan 30, 2013 12:45:38 AM
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They are all on the obama team. Screw the American people.
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10k
Champion Author North Carolina

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Message Posted: Jan 30, 2013 12:42:05 AM
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if we are talking wilco/hess, then not only will i lose a great deal of my reporting stations (those suckers are a dime a dozen in this area), but i presume unless sheetz can replace them around here, there will be alot of unhappy gas customers..

not me though, cause they sell ethanol crap, and i don't use ethanol crap in my car..
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gaspumpin
Champion Author Indiana

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Message Posted: Jan 30, 2013 12:39:06 AM
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Thank you Obama and the EPA.
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DEG
Champion Author Las Vegas

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Message Posted: Jan 30, 2013 12:38:28 AM
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The US should be building new refineries.
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jetskijerry
Champion Author North Carolina

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Message Posted: Jan 30, 2013 12:34:28 AM
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This is crooked. We're exporting gas as fast as we can. This keeps our price rising.
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unicornpmb
Champion Author Buffalo

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Message Posted: Jan 30, 2013 12:31:22 AM
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Let me wipe my tears.
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bvrbill
Champion Author Eugene

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Message Posted: Jan 30, 2013 12:31:00 AM
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The dominos are starting fall...
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crreed1
Champion Author West Virginia

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Message Posted: Jan 30, 2013 12:26:56 AM
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BS
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craigsf38
Champion Author Rochester

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Message Posted: Jan 30, 2013 12:26:43 AM
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another stay at home season
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Glock26
Champion Author Dayton

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Message Posted: Jan 30, 2013 12:26:15 AM
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Bull!!!
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iFueler
Champion Author Durham

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Message Posted: Jan 30, 2013 12:25:56 AM
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this could turn out to be not so good in the long term
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defiancegasman
Champion Author Ohio

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Message Posted: Jan 30, 2013 12:24:41 AM
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"the latest plant to fall victim to weak profits in the Atlantic Basin, could threaten painful gasoline price"

After a decade of RECORD PROFITS, the close refineries as soon as profits as NOT INCREASING! 10 BILLION a quarter is not ENOUGH FOR BIG OIL, the have to keep GETTING MORE!

TIME TO REINSTATE REGULATIONS to limit what they can do to SCREW AMERICA!!
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DrLyon
Champion Author Michigan

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Message Posted: Jan 30, 2013 12:24:13 AM
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Someone takeover...
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rahcat
Champion Author Grand Rapids

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Message Posted: Jan 30, 2013 12:23:18 AM
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Looks like another summer close to home.
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Ray_10589
Champion Author New York

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Message Posted: Jan 30, 2013 12:23:00 AM
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repeat
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cheapertvs
Champion Author Richmond

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Message Posted: Jan 30, 2013 12:22:38 AM
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Not good for the Eastern Seaboard.....
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alaric76
Champion Author New Jersey

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Message Posted: Jan 30, 2013 12:20:53 AM
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just great for NJ, NOT!
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Quick68
Champion Author Columbus

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Message Posted: Jan 30, 2013 12:20:01 AM
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The demise of the small Hess refinery is the doing again of our government to keep the price of gas & oil up.
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yakstar
Champion Author Montreal

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Message Posted: Jan 30, 2013 12:18:32 AM
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don't tell me they're shipping all the crude to China for processing!
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boatfloyd
Champion Author Jacksonville

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Message Posted: Jan 30, 2013 12:18:23 AM
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It's all about the money.
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RambleOn
Champion Author New York

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Message Posted: Jan 30, 2013 12:18:13 AM
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Gadzooks!!! This isn't until 4 more weeks but the prices jumped up today.

Looks like I picked a bad week to quit sniffing glue...
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unclenorman
Champion Author Tampa

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Message Posted: Jan 30, 2013 12:17:46 AM
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I'll never believe a small refinery isn't profitable.Why close it?SELL it to someone that can turn a profit!!!!!!!!!!!!!!!!!!!!!!!
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Cableman66
Champion Author North Carolina

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Message Posted: Jan 30, 2013 12:16:58 AM
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Sorry. Need new refineries in the East but not with current EPA.
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ricebike
Champion Author New Jersey

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Message Posted: Jan 30, 2013 12:16:19 AM
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so that's why prices spiked over the weekend? ok, thank you, news article!
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tedjm1
Champion Author New York

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Message Posted: Jan 30, 2013 12:15:25 AM
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Must keep East coast prices as highest in nation.
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JasTheAce
Champion Author Raleigh

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Message Posted: Jan 30, 2013 12:14:38 AM
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b.s.
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Dailyrun
Champion Author Kentucky

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Message Posted: Jan 30, 2013 12:13:10 AM
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One excuse is as good as another.
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Ferdman17
Champion Author Albany

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Message Posted: Jan 30, 2013 12:12:28 AM
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I agree gocatgo
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SteelPenny
Champion Author Dallas

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Message Posted: Jan 30, 2013 12:12:21 AM
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2nd time for this story.
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jkpsr
Champion Author New Jersey

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Message Posted: Jan 30, 2013 12:12:08 AM
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Seems like last spring everyone was warning about $5+ prices.
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regout
Champion Author Quebec

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Message Posted: Jan 30, 2013 12:11:01 AM
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Bad luck.
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gocatgo
Champion Author South Carolina

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Message Posted: Jan 30, 2013 12:07:30 AM
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Big Oil is doing there part to lower gasoline supplies to boost prices up.
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Thomtec
Champion Author Nashville

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Message Posted: Jan 30, 2013 12:06:30 AM
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Please
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obimerrill
Champion Author Cincinnati

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Message Posted: Jan 30, 2013 12:06:22 AM
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Oil company cutting back so they can charge more while making and spending less!!
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yyc2yow
All-Star Author Ottawa

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Message Posted: Jan 30, 2013 12:04:05 AM
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wow what a surprise
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mcmonsta
Champion Author Honolulu

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Message Posted: Jan 30, 2013 12:02:50 AM
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another well managed refinery(ies)???
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Aviator_Rob
Champion Author New York

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Message Posted: Jan 30, 2013 12:02:46 AM
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Great idea, @wayoung56. We'll let Big Oil know you're interested in their using your land. A survey crew will be over in the morning.

In all seriousness, who's going to build these new refineries? Big Oil is SHUTTING DOWN the ones they have.
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Aviator_Rob
Champion Author New York

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Message Posted: Jan 30, 2013 12:00:09 AM
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Understand something, @mstearno. Big Oil is NOT interested in job creation. If they could automate every facet of oil exploration, production, and distribution, they would.

Please explain to me how restricting fuel supplies domestically in favor of exporting petroleum products helps the American consumer.

Big Oil is NOT interested in lowering gas prices, which would lower the cost of transportation in this country. They ARE interested in maximizing profits... for them.
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HA4CNN
Champion Author Toronto

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Message Posted: Jan 30, 2013 12:00:02 AM
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Not again.
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hyeglenn
Champion Author Fresno

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Message Posted: Jan 29, 2013 11:58:16 PM
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Thank you Mr. President.
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labombaOH
Veteran Author Ohio

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Message Posted: Jan 29, 2013 11:57:40 PM
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Whats the latin word for hosed?................................yea that's it CHENEY
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NorthglennBill
Champion Author Denver

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Message Posted: Jan 29, 2013 11:57:08 PM
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If the oil companies continue to squeeze the profit out of refining oil may be soon there will no refineries left to buy the oil. That would be justice toward the oil companies and oil speculators. Unfornuately, the rest of us would suffer or have to start using alternate energy.
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Buddy2264
Champion Author Tampa

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Message Posted: Jan 29, 2013 11:52:16 PM
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Maybe an airline will buy this one too, or others will expand capacity.
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OGW
Champion Author London

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Message Posted: Jan 29, 2013 11:43:36 PM
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Unfortunately it was not an efficient or profitable refinery!
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mstearno
Champion Author Dayton

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Message Posted: Jan 29, 2013 11:42:46 PM
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Aviator Rob
creating jobs in energy is how big oil helps us
How about a little help from an economics class
supply and demand
if we had more jobs big oil would make even more money because people (well most) would drive to work... Would that be bad?
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tidalwave3
Champion Author Tallahassee

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Message Posted: Jan 29, 2013 11:42:24 PM
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Going to be toUGH IN New England this summer :(
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