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A Refining Bright Spot – Import Tariffs

By Ken Peccatiello

Amid the doom and gloom in our current refining economics, the sun rises on a new day. (Unless of course you’re in the Midwest experiencing sub-zero weather or being surprised in Atlanta, Georgia with ice and snow (video) or turning up the heat if you live in the northeast the northwest too for that matter. Did I leave anyone out? )

Deustshce Bank hosted an energy conference in Boston on January 7. The conference was very well attended by 96% of the refineries as everyone jockeys for information so they know how to position themselves in 2010. Lots of sad faces though, very depressed as the bleak outlook was proclaimed. No one’s making any money, everyone wants to sell. The buyers aren’t offering very much. So where’s that bright spot?

The oil industry and the federal government, recently at odds on many policies, may be walking down the aisle together. European refiner Petroplus’s CEO offered that there’s a likelihood of Washington imposing tariffs on U.S. oil imports. This would be bullish for U.S. refiners. Anyone have the inside scoop?

SPECTACULAR Volcano Eruption

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