Posted on 09/21/2005 9:08:41 AM PDT by jmc1969
SAN ANTONIO (Reuters) - Valero Energy Corp. (VLO.N: Quote, Profile, Research) Chairman and Chief Executive Bill Greehey said Hurricane Rita's impact on U.S. crude oil production and refining could be a "national disaster."
"If it hits the refineries, and we're short refining capacity, you're going to see gasoline prices well over $3.00 a gallon at the pump," Greehey said in a Tuesday night interview.
Valero became the largest U.S. refiner earlier this year when it completed the purchase of Premcor Inc. Valero operates refineries in Port Arthur, Houston, Texas City and Corpus Christi, Texas -- all potentially in the path of Hurricane Rita.
"It's going to be coming across the (U.S.) Gulf (of Mexico)," Greehey said. "There's a lot of oil platforms, oil rigs, (natural) gas platforms, gas rigs. It could have a significant impact on supply and prices, and then, depending on what it does to the refineries, there are still four refineries that are shut down. So this really is a national disaster."
Refineries in Houston and Texas City process 2.3 million barrels of crude oil or 13.5 percent of daily U.S. refining capacity. The Beaumont-Port Arthur, Texas, refineries account for another 1.1 million barrels in refining capacity.
(Excerpt) Read more at today.reuters.com ...
We need that "Oh, no not this S..t again" guy picture!
they are preparing us for $5 gasoline.
Priming the pump for the rip-off to come.
Once the government starts to open its pockets, correction, our pockets, when does it end? Sorry, I want Valero to figure this one out and then let the free market take care of it.
No kidding! Fill up today and maybe thing will smooth out as quickly as they did with Katrina. But even so, there is the potential out there for real damage to our economy if Rita tears up a bunch of platforms, rigs and refineries.
And/or gas lines...
It'll take me an hour to get to work...But I can drive 50.
I blame Halliburton.
BUSH'S FRIENDS ARE LINING THEIR POCKETS. HALLIBURTON, FREE HEALTH CARE IN CUBA!
It is amazing, but it seems that every single possible negative thing is happening all at once.
When are we gonna sack up and tell the envirowackos to go pack sand, and build more refineries!!!!!!
You beat me to Halliburton, but I beat you to free health care in Cuba!
YES!
Could we maybe take away some of the most onerous government regulations, so maybe we could build a few more refineries in the United States? It's not healthy to rely on foreign refiners and to be running regularly at 100% of capacity.
Could we maybe even build a few refineries in California and in the Northwest, so we don't need to pipe and ship so much across country?
The environmentalists and bureaucrats are largely responsible for the problems they are now trying to blame on Bush. If we had a little extra capacity we wouldn't have to worry if a few refineries went down for a while for repairs.
"Well over $3 a gallon"- I've been paying over $3 since about a week before Katrina hit! It hit a high of $3.41/gallon here right after Katrina, and even now it's at $3.02. So- ooohhhhh, over $3 a gallon. What a "threat" that is.
Trying to boost profits, I reckon.
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