Philadelphia Refinery Shutdown Could Raise Regions Gas Prices

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Philadelphia, PAPhiladelphia Energy Solutions - Philadelphia Energy Solutions, said it will be shutting down the most significant oil refinery on the East Coast, located in South-West Philadelphia. The decision was announced shortly after the refineries massive fire just last week. The refinery is the 10th largest in the United States and refines approximately 335,000 barrels of crude oil each day.


AAA spokeswoman Jenifer Moore said the shutdown of the biggest oil refinery on the Eastern Coast will in all probability affect gas prices in and around the region.

Philadelphia Energy Solutions, CEO Mark Smith, stated that at least 1,000 individuals would eventually lose their jobs and adds that the company intends to sell the refinery complex.

Philadelphia's Mayor Jim Kenney said the city plans to help the workers and would create a group to examine the economic and employment effect of the refinery's shutdown.

 

 

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