WebSep 9, 2024 · Executives of the Philadelphia Energy Solutions oil refinery were paid roughly $4.5 million in retention bonuses after a summer fire that led to the plant's closure and before the company filed for bankruptcy a few weeks later, court documents show. PES announced plans to permanently shut its refinery following the June 21 explosive blaze … WebJan 23, 2024 · The biggest refiner on the East Coast, with liabilities of about $10 billion, just filed for bankrupting, citing costly Bush-era EPA regulations and dwindling margins. Is this the first in a string of refiners that will be unable to make it in the new renewable world? What does this mean for the ...

Largest East Coast oil refinery goes bankrupt, blaming

WebJan 23, 2024 · The largest oil refinery along the U.S. East Coast filed for bankruptcy protection blaming its downfall on "broken" environmental rules. Philadelphia Energy … WebJan 24, 2024 · The end of the U.S. crude export ban in late 2015 and the start of the Dakota Access pipeline last year forced East Coast refiners to turn back to more expensive imports. fishing the good fight

Largest East Coast oil refinery owner files for bankruptcy: report

WebPhiladelphia Energy Solutions said it went bankrupt because of "skyrocketing costs" to comply with the EPA's Renewable Fuel Standard. The rule, aimed at lowering pollution, requires refiners to either blend oil with renewable fuels or buy credits. The company has received a $260 million lifeline from lenders and investors. Existing shareholders led by … WebFeb 18, 2024 · The short answer is that those who do business with a bankrupt precious metals refinery (or so-called “precious metals refinery”) may themselves be subjected to … WebJan 22, 2024 · The largest oil refinery along the U.S. East Coast filed for bankruptcy protection on Sunday and blamed its downfall on "broken" environmental rules squeezing the industry. fishing the googan toad