, which has scheduled its own aging Houston-area refinery (capacity: 268,000 bopd) to be retired at the end of 2023, announced last month that it would retire the plant early in the event of a major equipment failure, given that it would be impossible to recover the costs of necessary repairs and upgrades prior to the scheduled retirement date. Dollar Tree Inc forecast annual profit well below estimates on Wednesday, hurt by elevated freight and investment costs and as consumers rein back spending on discretionary items. Canadian integrated oil company Suncor Energy Inc. (NYSE: SU) has revealed that extreme weather including multiple fires have forced the company to . By 2022, EIA similarly forecasts global consumption of petroleum and liquid fuels to increase by 3.6 million b/d. Shell planned to try to divest the refinery as it considers closing facilities it cannot sell, the company told investors. Photographer: Chris Kleponis/Abaca/Bloomberg, Cranes operate at LyondellBasell facility along, the Houston Ship Channel Wednesday, Aug. 27, 2014, in Houston. at its modules plant in Toledo.The plant built the one millionth Fiat 500 in November 2012. U.S. refineries are already going gangbusters right now. The industrial landscape for oil refineries has been challenging of late, with the Covid-19 pandemic triggering a massive slump in demand for oil which resulted in many refineries across the world having to temporarily shut down. The refinery outages have caused refinery stocksincluding Valero and Marathon--to trade higher on Monday. The supply is not meeting the demand for gas and that is what is keeping prices going up, especially on the West Coast, John Treanor, an AAA spokesman, told The Press Democrat. She recalled paying closer to $5.25 per gallon less than two weeks ago. Major refinery operators have largely opted to upgrade facilities rather than construct new greenfield plants because of the projected fuel demand decline in coming years and lengthy regulatory . Eduardo Munoz Alvarez/Getty Images The drop in capacity was driven by a 13% drop in gasoline consumption, and prices for gasoline and diesel hit a four year low. Colorado's only oil and gas refinery is offline and might not resume full operations until March, raising concerns about gas prices and local air quality after a series of recent incidents. Valero's (NYSE: VLO) Texas City 225,000 bpd refinery has also shut down. Strikes Back At EU Criticism Of The Inflation Reduction Act, China Secures Two Long-Term LNG Deals With U.S. Producer, Oil Gains Over 2% As Gasoline Stocks Show Second Weekly Decline, Russia Says Europe Will Struggle To Replace Its Oil Products, "Natural Gas Price Fundamental Daily Forecast Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas, 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers, Shell Considered Relocating To The U.S. Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. The payment will decline to zero if margins increase to $10.20 per barrel. hide caption. Even as oil and gas companies profits soar, refineries across the country are being retired and converted to other uses as owners balk. The result was that five refineries across the US shut down permanently. HOUSTON, April 21, 2022 /PRNewswire/ -- LyondellBasell (NYSE: LYB) . var write_html = `