from the article.. Two years ago, Philadelphia Energy Solutions, the largest refiner on the East Coast, cited the spiraling costs of RINs in its bankruptcy filing.
BS!!
The RFS didn't do in Philly Energy Solutions.. Corporate Raiders left them for dead Long before that.
https://www.reuters.com/article/us-usa-biofuels-pes-bankruptcy-insight/refiner-goes-belly-up-after-big-payouts-to-carlyle-group-idUSKCN1G40I1
Under a deal Philadelphia Energy Solutions (PES) signed in 2015, the refiner paid minimum quarterly payments of $30 million to terminal owner North Yard Logistics LP - even if little crude arrived. Much of that cash, in turn, flowed to the investors that own both PES and North Yard, led by the Carlyle Group, a global private equity firm with $178 billion in assets. The deal in effect guaranteed lucrative payouts to Carlyle regardless of whether the refinery benefitted from the arrangement. When oil market conditions made the rail shipments unprofitable later that year, the refinery took heavy losses while its investors continued to collect large distributions for two more years. The rail contract exemplifies the financial demands Carlyle imposed on PES in the years leading up to the refiner’s bankruptcy in January. The Carlyle-led consortium collected at least $594 million in cash distributions from PES before it collapsed, according to a Reuters review of bankruptcy filings. Carlyle paid $175 million in 2012 for its two-thirds stake in the refiner.
Rins didn't bankrupt PES. Rins were trading for $.20 a gallon.. BEFORE the Illegal waivers issued earlier this month.. if they didn't want to pay that.. they could have bought Ethanol, blended it and marked it up as RBOB and EARNED the Margin which is currently around..
RBOB $1.69
Ethanol $1.36
EARNING $0.36 to the Bottom line.. or thereabouts.
Instead they were fleeced..Economic Tyranny by the likes of Carl Icahn.. and left for dead. They couldn't maintain their facility.. or something?
A Butane Storage tank blew up next to a Hydrocracker containing Hydrofluic acid.. IN a CITY of almost 12 million people. Golly if it HAD released..?!? Big Oil would have been under a WHOLE TRUCK LOAD of Problems not seen since.. well.. Deep Water Horizon.. Exxon Valdez.. etc.. and so forth. I get that Accidents happen.. but good golly.. my NIECE Lives in Philly.
https://www.reuters.com/article/us-usa-refinery-blast-acid-explainer/explainer-philadelphia-refinery-blast-puts-new-spotlight-on-toxic-chemical-idUSKCN1TM279
Explainer: Philadelphia refinery blast puts new spotlight on toxic chemical(Reuters) - Massive explosions that engulfed a Philadelphia refinery in flames on Friday have renewed concerns about the oil industry’s use of a highly toxic chemical to make high-octane gasoline at plants in densely populated areas. Aerial video of the scene at Philadelphia Energy Solutions Inc’s refinery, the largest in the northeast, on local television showed significant damage and the massive complex nearly engulfed in flames. (how Ironic.. but sad.. as PES was the poster child to end the RFS.) One of the explosions took place in a hydrofluoric acid alkylation unit - a chemical processing unit that has been involved in three near-misses of releases into cities in California, Texas and Wisconsin, according to safety officials. Hydrofluoric acid (HF) can form a toxic cloud at room temperature while exposure can lead to severe health problems and even death. Around the Philadelphia refinery, air quality had not yet been cited as a problem. There are about 300,000 people who live within three miles (5 km) of the facility. There have been campaigns by residents who live near refineries, environmental groups and the country’s largest industrial labor union to end the use of HF in units that produce octane-boosting components for gasoline. Fifty, or more than a third, of 135 U.S. refineries operate HF alkylation units, according to the Chemical Safety Board (CSB), which investigates industrial fires and explosions. In April, the CSB called on the U.S. Environmental Protection Agency to revisit a study on HF’s use and the potential to replace it with another process after hearing from worried residents during its probe of a 2018 refinery fire. “Refinery workers and surrounding community residents are rightly concerned about the adequacy of the risk management for the use of hazardous chemicals like HF,” the board said in that letter, which grew out of the CSB’s probes of fires at refineries in Wisconsin, California and Texas.
The United Steelworkers union (USW), whose members work at major refineries, launched a campaign in 2010 to end the oil industry’s use of HF. In 2013, the USW found 26 million people in the United States were at risk of HF exposure from a refinery accident. “We would like the industry to invest in finding intrinsically safer alternatives,” said Michael Wright, the USW’s director of health, safety and environment. Golly how about ethanol? The oil industry has rejected calls to convert HF alkylation units to sulfuric acid, which does not form a low-hanging cloud that can drift into neighborhoods, saying the cost would be too high and alternatives not well developed. (other than ethanol.. which is cheaper to begin with..) None of this is Ethanol's problem.. nor stems from RINs or the Renewable Fuels Standard.. A Law signed by President Bush in 2005 who was a former Texas Oilman.
Edited by JonSCKs 8/22/2019 08:57
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Looks like IOWA is FED UP with BEING SCREWED by the EPA's SRE's!!
