Posted on 01/23/2018 11:54:28 AM PST by Kid Shelleen
There’s a headline I bet you didn’t see coming, huh? We’re living in a time when the American energy sector is surging and becoming a dominant force not only domestically, but globally as well. There’s a president in the White House who is loosening up restrictions on drilling --SNIP-- And because of our old friend the Renewable Fuel Standard, that means that the refinery has to purchase government mandated RIN credits (Renewable Identification Number) in order to legally operate.
In case you’re wondering how much those RIN credits cost these days on the bizarre market which has grown out of the government mandate, Philadelphia Energy Solutions had to spend $217M in 2017 for them.
(Excerpt) Read more at hotair.com ...
Well, since NE has a significant reliance on heating oil, they could be hurtin’.
Can’t Trump just EO the problem or does he want the NE governators and mayors to beg and grovel first?
Now Americans will understand why we have not built any new refineries in the US. Oil companies rather dig for oil than to get into the refinery business. The EPA is always breathing down the neck of the refinery manager. One puff of smoke from a stack or one oil slick on the water or one “funny smell” in the air and the refinery receives a law suit from the EPA. It is more economical for an American oil company to build a refinery overseas (no EPA harassment) and import the gasoline and other distillates.
The Massholes and Bernie bots don’t need gas for the electric cars and fuel oil for their solar panel-powered homes. The electricity comes from “somewhere else” and the sun always shines. So it’s really no big deal.
For all of the “winning”, at times it still feels like the Obama Administration and business as usual.
So exactly where did the $217-million go? How does this fine (which is exactly what it amounts to) benefit consumers of petroleum products? Did it merely go into the United States Treasury to be squandered along with most of the rest of our taxes? Can someone please explain how this $217-million payment helped to produce one additional BTU of usable energy in any form? I spent 16 years of my life in the oil trading business, and I am at a total loss to understand this charade to squeeze money out of an otherwise viable refinery.
“the more than $800 million it paid since 2012 to comply with the U.S. government’s Renewable Fuel Standard”
If it’s anything like the Consumer Financial Protection bureau, wonder which lefty PACs were awarded this booty.
So exactly where did the $217-million go? How does this fine (which is exactly what it amounts to) benefit consumers of petroleum products? Did it merely go into the United States Treasury to be squandered along with most of the rest of our taxes? Can someone please explain how this $217-million payment helped to produce one additional BTU of usable energy in any form? I spent 16 years of my life in the oil trading business, and I am at a total loss to understand this charade to squeeze money out of an otherwise viable refinery.
/Naught
Personally I think they should shut the plant down and sell it off for scrap. They won’t be needing any heating oil because of Global Warming.
Meanwhile, we still haven’t recovered the $535 million Obama “loaned” to the solar power company, Solyndra...have we?
If Trump gave that much to a legitimate power company, the dems would be in outrage (what am I saying, the dems are ALWAYS in outrage).
The Penn governor and Philly mayor wont beg. They are extreme leftys and probably are happy to have more constituents out of work and dependent on government services.
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