Cheapest Gasoline Since 1999 Has America’s Refiners Throttling Back
- Exxon, Chevron among companies reducing refining rates
- Gasoline prices fall to the lowest level in two decades
Oil storage tanks stand at a refinery in Norco, Louisiana.
Photographer: Luke Sharrett/Bloomberg
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Oil refiners across the U.S. are being forced to throttle back operations amid a historic plunge in gasoline demand and prices.
Plants representing more than 10% of U.S. fuel-making capacity have cut back. Exxon Mobil Corp. has slowed rates at facilities in Texas and Louisiana, while others around Los Angeles and Philadelphia are taking similar action to stem a growing glut of gasoline, diesel and jet fuel. Phillips 66 said Tuesday many of its refineries are processing minimum amounts of crude.