A year ago, the shutdown of several refineries serving the Northeast and the possibility they would not reopen threatened to boost New England’s already high gasoline prices by as much as 15 cents a gallon. But an influx of cheaper crude oil extracted from shale rock formations in the United States has helped save most of those facilities and stabilized gas prices.
The revival of the East Coast refineries is another example of how the controversial drilling process known as hydraulic fracturing, or fracking, is changing the energy equation for the region, nation, and world.
Just as fracking opened vast reserves of natural gas over the past decade, it is now unlocking crude oil trapped in shale deposits. It is so dramatically increasing domestic production that the United States is projected to surpass Saudi Arabia as the world’s biggest oil producer by 2017.
The influx of this domestic crude, known as “tight oil,” has allowed East Coast refineries to decrease their reliance on more expensive foreign oil, increase profit margins, and regain their economic competitiveness, refinery operators say. They estimate the domestic crude cuts oil costs by a few dollars per barrel, which can have a huge impact on their bottom line.
Too bad the left is anti-economic growth…
All vendors at the March 1 show were mandated to ban “flesh as food” by the singer, a longtime animal activist and vegetarian, who also urged the venue to close down its McDonald’s outlet. Staples Center agreed.
According to a press release by Morrissey’s representative, the same request previously had been denied to Paul McCartney. Said Morrissey, “I don’t look upon it as a victory for me but a victory for the animals.”
I’ll skip that show…