US East Coast Faces Severe Oil Shortages and High Prices as Refineries Close
It
has been six weeks since we last discussed the problems that could be
in store for the U.S.'s East Coast due to closing of refineries in the
Philadelphia area. Last week, the U.S. Department of Energy issued a
second, more detailed report on what could happen to the availability of
oil and prices in the event the third and largest of the three
Philadelphia refineries in question be forced to close down this coming
July. In contrast with most DoE reports, this one contains a clear,
unambiguous warning that there likely will be serious troubles…Read more...
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