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 ...
You didn't read the article. If Valero's refineries are shut down, the "oil CEO" won't be making a dime.
The problem is the wussy congressman who refuse to stand up to the enviro wacko's and continue to take the lib money.
MY MOM Is A PARANOID FREAK.. REALLY !!! LOL im not gonna let her hear this no matter what it takes... she will have me storing gas in my garage looooooooool...
$3 a gallon will be a distant fond memory in a few weeks.
How will Valero be boosting profits if over half of its refineries are shut down?
whatever refined products they have in storage, will instantly be worth far more. they will ramp up the price on whatever they have "in the tank", that's already been paid for and refined.
they will do just fine.
Thats right...just accept it.
These refiners love you...
More of the same rip we saw a few weeks ago.
And the prices never have come down as much as they went up.
Crude neared the $70.00 per gallon mark and went up about $.90 a gallon within two days after Katrina struck the gulf cost. By last Friday, refining capacity was back on track and crude prices had dropped to pre-Katrina prices, yet the price at the pump in my area had hardly moved. More of a smoothing up than a smoothing out.
Why not just build some in the desert?
Then we could really tell the wackos to pound sand.
One more reason to drill in Alaska. The enviros have been leading this country into a national disaster and building refineries in Illinois and Iowa.
One more reason to drill in Alaska. The enviros have been leading this country into a national disaster and building refineries in Illinois and Iowa.
It took awhile, but thanks, we needed him.
It looks to me like the oil people have learned a thing or two about overheated rhetoric from the 'stuck on stupid' press mob.
they will do just fine.
Supply will be cut for weeks. If the refineries are under water, there won't be any access to "storage."
Some of you people sound like Democrats, screaming and yelling at "big oil." O'Reilly notwithstanding, the oil companies are not trying to screw the consumer.
I never heard a peep out of anybody when oil was $15 a barrel ten years ago and gas was $.87 a gallon.
Funny how that always seems to happen with gasoline prices . . .
Yeah, like that crap Valero sells is actually gasoline. Riiiiiight.
You are a rational person.
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