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The decision by Phillips 66 this week to shutter its refinery in Wilmington next year will wipe out more than 8% of the state's crude oil processing capacity. Another refinery shuts down in ...
Governor Gavin Newsom said Thursday he will compel California oil refineries to stockpile additional fuel reserves in an effort to ward off price spikes, marking the latest move in his multi-year ...
China’s refining capacity keeps creeping up, it’s somewhere in the neighborhood of 15.5 million barrels a day. The US is around 17.7 million, and China is likely to surpass the US in the next ...
Phillips 66 announced Wednesday that it will close its Wilmington-area refinery complex next year but will work with the state to continue supplying fuel to consumers.
Energy portal; Crack spread is a term used on the oil industry and futures trading for the differential between the price of crude oil and petroleum products extracted from it. . The spread approximates the profit margin that an oil refinery can expect to make by "cracking" the long-chain hydrocarbons of crude oil into useful shorter-chain petroleum produc
“Price spikes at the pump are profit spikes for Big Oil," Newsom said in a statement. "Refiners should be required to plan ahead and backfill supplies to keep prices stable, instead of playing ...
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
In August 2020, Refining NZ announced that it was considering importing refined fuels, and closing the refining operation. [8] In November 2021 they confirmed that the refinery would shut down in April 2022. [9] The last crude oil shipment was offloaded from the tanker Torm Ingeborg on 8 March 2022, [10] and refining ended on 31 March. [11]