At a time when gas prices are near all-time highs, the owner of one of the oldest refineries in the region says it is set to close the facility.
At a time when gas prices are near all-time highs, the owner of one of the oldest refineries inLyondellBasell announces plans to close Houston refinery
The company says it can't afford to wait any longer. The mid-sized Houston refinery can process 263,000 barrels of crude oil, daily, into fuels and petroleum products. About 500 people are employed at the 700-acres site. In a statement announcing the company's exit from the refining business, interim CEO Ken Lane said:
"This is the third refinery on the Gulf Coast that is being shut in the last couple of years," he explained. Industry leaders are putting more emphasis on domestic oil production rather than relying on foreign countries to heat our homes and fill up our gas tanks. World events have helped push oil prices above $100 a barrel, which refiners that don't produce their own oil, like LyondellBasell, have to buy on the open market. It also leaves a thin financial margin in an environment that is less and less tolerant of fossil fuels.
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