Skip to comments.Valero CEO: Excess refining capacity remains
Posted on 03/21/2011 8:39:28 AM PDT by thackney
Excess oil refining capacity remains in North America, Western Europe and Japan in spite of a recent spate of refinery closures, Bill Klesse, chief executive of Valero Energy Corp , said on Sunday.
Valero expects most of the refineries shut in Japan will quickly return to production and no demand will be placed on U.S. West Coast markets.
Supply for Japanese refined products will first come from other Asian refineries and possibly the U.S. Gulf Coast because prices would be more advantageous than the West Coast. Valero has seen "general industry interest" in supplying Japan from the Gulf, Klesse said.
Klesse said Valero continues to see the U.S. Gulf Coast as a place of growth for U.S. refiners, primarily due to growing worldwide diesel demand, but declined to talk explicitly about buying a Gulf Coast refinery...
Valero's 100,000 barrel per day (bpd) Three Rivers, Texas, refinery will continue to expand its use of Eagle Ford crude oil drawn from shale formations in south Texas.
(Excerpt) Read more at reuters.com ...
Now that Obama calmed the waters on Japan, Reuters needs to tell everybody that “All is Well.” No increases in gasoline prices. Compare this to a week ago when the MSM was in mass hysterics over Japan.
Just like magic!