Here’s the info on Philly oil refinery:
http://www.reuters.com/article/2012/07/02/us-sunoco-carlyle-philadelphia-idUSBRE8610JF20120702
It’s direct result of the Marcellus. In the article it mentions another one that was saved too.
Money quote:
“The US East Coast plants certainly have better prospects than their European competitors and the growth in US domestic production of crude and natural gas is improving those prospects further,” said John Auers, a refinery expert with Turner Mason in Houston.
I guess you think this horse still has legs.
The Marcellus is helping to keep Natural Gas prices low for furl and power to the refinery. Domestic cheaper crude from the Midwest to the Bakken helps the economics of keeping the refinery running.
I don’t see them spending billions of dollars to expand. According to the article you linked, most of there upgrades are related to clean fuels and “green” initiatives, not items to bring the price of fuel down. See below:
Philadelphia Energy Solutions plans to construct and upgrade units at the plant, moves that could help the refinery meet new lower sulfur fuel requirements for home heating oil in the region.
The joint venture plans to convert a middle distillate hydrotreater into a mild hydrocracker and construct a natural gas-based hydrogen plant to produce greener fuels. In addition, they plan to upgrade the plant’s catalytic cracker to improve performance and reliability.