Philadelphia Energy Solutions Looks To Permanently Close Down Oil Refinery

According to a report by Reuters, on Wednesday, Philadelphia Energy Solutions confirmed that it will seek to permanently shut its oil refinery in the city after a massive fire caused substantial damage to the complex. PES CEO Mark Smith said in a statement, “The recent fire at the refinery complex has made it impossible for us to continue operations. We are grateful that the fire resulted in only a few minor injuries. We are committed to an orderly process to safely wind down our operations.” Reuters reports that shutting down the refinery, the largest and oldest on the U.S. East Coast, will not only cost hundreds of jobs, but also squeeze gasoline supplies in the busiest, most densely populated corridor of the United States.