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…

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