COMMENT: US production of refined products entering new era

03/05/2012
The 500,000-b/d refinery owned by Hovensa LLC at St. Croix, US Virgin Islands, was to have been closed in February and operate as an oil storage terminal only. Hovensa is a joint venture of Hess Corp. and Petroleos de Venezuela SA. After the shutdown, the Hovensa complex will operate as an oil storage terminal. Hovensa said its losses at the refinery were caused primarily by "weakness in demand for refined petroleum products due to the global economic slowdown" and "the addition of new refining capacity in emerging markets." Photo from Hess Corp. Ben Montalbano Energy Policy Research Foundation Inc. Washington, DC Rising US production of unconventional oil and gas, ...
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