Page 4 - Refining Industry News Today

Usually this time of year, this is shoulder season. lower gasoline prices. its been cancelled because of the storms. >> what is the rule of thumb? its more of an impact on everyone even though theyre not in the hurricane sites, when the hurricane is in the gulf or by refineries. that i can understand. it seems as of late even hurricanes far from the gulf, just off the coast or way down by puerto rico, the virgin islands, the caribbean, they still have an impact. what is going on? >> they really ...

Once you get the system uprooted, it takes a hit. right now, we got a report, gasoline amounts are at the lowest level in two years. refiners have a lot of work to get back. i have to say, the u.s. refining industry during the storms in my opinion are heroic. these guys, the way they have fought, lost their houses, going down there to bring refining back on, bring gasoline prices. theyre the unsung heros. theyre doing everything they can to keep the economy going. they cant continue to do this i...

Maria. but there is a fall-out. gas prices are staying stubbornly high. not as high as they were, but still up appreciably since the storms first hit. who is going on here. phil flynn. what do you think? >> i think this is like another sucker punch to our wallets, this storm maria. just as the u.s. refining industry was getting off the mat after hurricane irma, hurricane harvey, we get slammed again. in puerto rico, theres a lot of small little refineries. a lot of gasoline storage tanks. even i...

Workers at their best. >> jason, has been from the top down. >> the vice president of the president, members of the cabinet. everyone seems to be have stepped up here. i think that is very encouraging. i also, you know theres been a lot of devastation and i think the recovery will happen. it will not happen at the same pace everywhere. i mean look at the city like houston, it is bigger, it is richer, it is not only an energy hub but you have an education sector. medical healthcare there that may...

Workers at their best. >> jason, has been from the top down. >> the vice president of the president, members of the cabinet. everyone seems to be have stepped up here. i think that is very encouraging. i also, you know theres been a lot of devastation and i think the recovery will happen. it will not happen at the same pace everywhere. i mean look at the city like houston, it is bigger, it is richer, it is not only an energy hub but you have an education sector. medical healthcare there that may...

Largest production fields for our region are stopped. theyre not moving any product because the product cant be refined. theres a whole series of events that has to happen to get the wheels of the refining industry back in motion again. its not something that happens overnight. once we get power back and the ship channel open, well slowly start to see the wheels moving forward. it may be that corpus christi is going to be the largest refining center open given what is happening in houston. so we...

Another clause in the deal which applies iran to abrogate its responsibilities. theories of the world felt iaea reports in december it cant find military dimension to the irans program then the security council will vote to lift sanctions. you emembers will lift theirs immediately. people are racing to tehran to ink deals. chinese will invest billions of dollars in irans petroleum production and refining industry and all those frozen assets will come free. >> reuters is reporting iran is price t...

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>> i heard its be the blend. were getting ready to switch to the summer blend and this is why. is that a legitimate reason here? >> you know, normally in past years it would. theres a certain time of year where thats happening. but whats really happening here, the refining industry is doing what the airline industry is doing and thats reducing capacity really massively. we lost over a million barrels of refining capacity just to shutdowns over the last year now. >> why would they voluntarily do ...

emily, this hasnt been just a weather vaent. it has been an economic event. businesses havent been able to operate. >> reporter: hi, gary. it has been such a long week for people. when you see trees like this that toppled and the power lines that came down more than a week ago, it set off a chain reaction so big that the experts, the government and even small businesses say they just havent been able to add up the total costs yet. what is clear is that as the power comes back on, peopl...