“U.S. gasoline prices jumped 6% in February, and market experts predict they will climb higher because critical refining operations in the Northeast are shutting down.
From New York to Philadelphia, refineries that turn oil into gasoline have been idled or shut permanently because their owners are losing money on them. Sunoco Inc. is expected to close the region's largest refinery in July, taking another 335,000 barrels per day in production capacity off the market.
Iran, a major producer. Refineries haven't been able to increase their own prices enough to compensate.”
Sunoco Inc., an iconic Philadelphia company and a manufacturing mainstay along the Delaware River for more than a century, is getting out of the refining business.
“Sunoco opened the Marcus Hook refinery in 1902 to refine crude oil brought up by ship from Texas. In South Philadelphia, it acquired the Atlantic Petroleum Corp. refinery in 1988 and Chevron Corp. refinery in 1994 and merged the two Schuylkill plants into one of the nation's largest refineries.
“A New York billionaire appears to be interested in buying the Sunoco refinery in Philadelphia.
(1) As gas prices rise, no relief in sight at pump FoxNews, 03/17/2012
(2) As gas prices rise, no relief in sight at pump, The Wall Street Journal, 03/17-03/18/2012
(3) Sunoco to sell or close its refineries in Philadelphia, Marcus Hook. Philly.com 12/02/2011
(4) Billionaire mulling bid for Phila. Sunoco refinery, 6abc.com, 03/02/2012