Posts filtered on Category
The extreme weather kept some crude oil from making it to HollyFrontier’s Navajo Refinery in New Mexico and slowed refining production.
The U.S. Labor Department said that 239 employees will receive a total of $460,853 in unpaid overtime for the average 15 minutes a day they spent briefing employees arriving for the next shift.
The move comes just in time for a busy holiday driving season with so many people hitting the road to spend time with family and friends. This is the lowest gas prices have dropped since March 2009.
The House and Senate on Tuesday evening reached a deal on tax and spending plans that included an end to the oil-trade limits that were implemented in 1975 after the Arab oil embargo.
Congress may be close to reaching an overall budget deal that would include lifting the exports, which would equate to an early Christmas present for exploration and production companies seeking more buyers for their oil and also a “stocking full of soot for the refiners,” Wells Fargo Securities said in a new report.
U.S. oil prices at $35 a barrel are also at their lowest point since that time, and the nationwide gasoline average could finally drop below $2 this week..
An accord may be announced as soon as this week, said the people, who asked not to be identified because the information is private.
The project is supported by 250 miles of new pipelines and a multimillion-barrel storage cavern complex.
The privately-owned Infinity was founded in 1952 and is headquartered south of Houston in Clute, but the company also operates in La Porte along the Houston Ship Channel.
The deal is expected to close Friday with Marathon making an analyst and investor presentation touting the deal on Thursday.