This Week In Petroleum - Feb. 23, 2012
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THIS WEEK IN PETROLEUM REPORT RELEASE – February 23, 2012
The HOVENSA refinery closure removes an important source of East Coast gasoline and distillate supply
The closure of HOVENSA, a major refinery in the U.S. Virgin Islands, is another in a string of Atlantic Basin refinery closures over the past several years. With plans to turn the site into a product terminal, it continues the trend of companies shifting their focus from underperforming refining assets to other segments of the market. The closure of this refinery, which was the largest employer in the U.S. Virgin Islands, will likely have a major adverse impact on the economy of that U.S. territory. The impact on the mainland United States is not as large, but is still significant, as it is likely to affect petroleum product markets in nearby areas and up the East Coast.