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New Jersey Refinery Becomes Latest Casualty of Collapse in Fuel Demand

  • Closing comes after fuel demand plummeted during pandemic
  • PBF bonds have slumped as the company’s debt balloons
A PBF refinery in Oregon.

A PBF refinery in Oregon.

Photographer: Luke Sharrett/Bloomberg

Updated on

PBF Energy Inc.’s Paulsboro refinery in New Jersey has become the latest oil processing facility to fall victim to a Covid-driven collapse in fuel demand, announcing plans to idle operations for the foreseeable future.

The company plans to lay off 250 employees at the 160,000-barrel-a-day plant and halt fuel production as a result of low demand, according to a letter to employees seen by Bloomberg. Paulsboro will continue its lubricant and asphalt operations, the letter said.