Biggest U.S. East Coast Oil Refinery Files for Bankruptcy
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Biofuels are worthless. They do more damage to the environment and are worse quality than petroleum. Ethanol only exists because of corn subsidies.
E-A-G-L-E-S ... Eagles!
>bloomberg.com
So the corporation is blaming the government biofuel regulations, but in reality, it was the Dakota Access pipeline that hike their costs. That said, we should abandon biofuels anyway and devote our resources to new batteries and hydrogen fuels cells
Ethanol is promoted so much because of our huge corn surplus. It won't die until we find another use for our endless supply of corn.
It's fucking terrible for the enviroment, but nooooooooooo the left thought it was a godsend because it's biofuel made from a renewable resource.
If they would allow natural gas to be exported, Philadelphia port would be one of the busiest in the country.
Biofluels are partly why food prices are constantly raising.
>Refinery
>going bankrupt
How the fuck do you fuck up that badly? Refineries are practically their own mint, especially during these low oil prices but relatively high fuel prices (as per ratio of oil in:fuel out prices, if 2004 is 1:1, today it's 1:2)
As someone who works in the refining industry, they were playing a dangerous game of buying ethonal on the open market. The law makes refiners responsible for buying the ethonal. Personally, the change to make the distributors responsible makes more sense, but that world hurt the exxons and shells as they spent billions on ethonal.
They should of bought ethonal production when they were making money. The east coast refiners still are at a disadvantage to the gulf coast refineries though, so would have been the first to fail eventually.
Having bad administration.
This is the beauty of capitalism, they filled bankruptcy? Then let it die. Call me back when 30% of the US refineries fill bankruptcy.
You would be surprised. Refineries have to constantly updated to stay competitive, especially the older/smaller ones or in undesirable locations (where you aren't pumping oil out of the ground like east west coasts). If you have poor management, you will quickly lose money.
How hard is it to fucking grow something else that is actually useful then?
Yes, but you'd think they would have noticed "huh, we're in the red for three months straight, and we're a refinery.. maybe we should look into this and get us back into the black". Not let it fail.
Oh well. It's not like there isn't excess refining capacity in the USA, loosing this refinery won't hurt them.
>Farm subsidies
It won't be lost you moron. Some debt holders wil get a haircut, equities if involved will be decimated. The refinery will reopen under new management, either immediately profitable or after a change to the refinery dynamics.
You'd think that, wouldn't you?
It's the regulatory environment and the fact that they're not Exxon, BP, or Shell.
Here's a fun fact for you:
The major oil companies lobby the hardest (yes, even harder than environmental organizations) for stricter regulations and higher penalties and fees for being out of reg.
Ask yourself why that would be the case.
God, you can't be any more retarded.
some people on the pol minecraft serb were once discussing an infinite power source for the world based on potatoes and fish but i cant remember the details
Why aren't you using goyim fuel anyway?
It's not from a civilian plane obviously.
It's a secret weapon
wrong fucking thread
Shut your whore mouth. Hating corn is hating the New Deal. You don’t hate the New Deal do you? The only thing wrong with America’s agriculture policy is that it’s dominated by the government and the special interests that own it. We need not have a vast surplus but Uncle Sam pays to have more maize than God.
Every red blooded American should hate the new deal. No socialist legislation should be so immortal.
Looking from outside. There is no way in hell anyone is going to remove the subsidies. It would be political suicide.