Northeast Oil Refineries Strapped by Regulation, Group Says
U.S. Northeast refineries are in an “economic and regulatory vise,” according to the American Fuel & Petrochemical Manufacturers.
Refiners in the region face regulatory obstacles as well as a difficult economy, Charles Drevna, president of trade group, said today at a press conference in San Diego.
Fuel production in the East Coast tapered off after Sunoco Inc. (SUN) shut its Marcus Hook, Pennsylvania, refinery, and ConocoPhillips (COP) idled the Trainer plant. Sunoco plans to shut its Philadelphia refinery by July if it isn’t sold. Together the facilities can process about 45 percent of the region’s refining capacity.
The group, formerly known as the National Petrochemical & Refiners Association, is a trade association for fuel manufacturers.
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