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The move comes as U.S. gasoline prices skyrocketed Thursday morning due to an East Coast pipeline shutdown by the nation's largest gasoline transporter, Colonial Pipeline Co.
More than 2.2 million barrels per day of U.S. refining capacity was offline due to Hurricane Harvey.
While shut-in crude oil production is good for commodity prices, shut-in refineries will lead to a surplus of product and a lack of demand for electricity won't help.
A change in renewable fuel regulations would be a negative for companies like Chevron and BP, says S&P Capital IQ.