UPDATE to my blog dated 12/29/2011
Added to the 500,000 b/d of lost production in closed/closing US refineries (see blog below) we now face the loss of the venerable St. Croix Hovensa refinery, operated by Hess and PDVSA, the Venezuelan state-owned oil company, says CNBC. The refinery produces 350,000 b/d and supplies about 13% of the East Coast's gasoline. Hello $5.00 per gallon.
