Page 8 - Refining Industry News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Largest production fields for our region are stopped. they're not moving any product because the product can't be refined. there's a whole series of events that has to happen to get the wheels of the refining industry back in motion again. it's not something that happens overnight. once we get power back and the ship channel open, we'll 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 have to get us back up and operational quickly. >> sean, you have a big job, getting the refin...

Another clause in the deal which applies iran to abrogate its responsibilities. theories of the world felt iaea reports in december it can't find military dimension to the iran's 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 iran's petroleum production and refining industry and all those frozen assets will come free. >> reuters is reporting iran is price tagging 50 oil projects in the country, 185 billion bucks is at stake for iran to andrea's point. ...

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>> i heard it's be the blend. we're 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. there's a certain time of year where that's happening. but what's really happening here, the refining industry is doing what the airline industry is doing and that's 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 these shutdowns? >> believe it or not, they weren't making enough money for themselves and the...

emily, this hasn't been just a weather vaent. it has been an economic event. businesses haven't 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 haven't been able to add up the total costs yet. what is clear is that as the power comes back on, people are beginning to see just how much they lost. though it only takes an instant for the lights to...