Rita may be 'national disaster': oil CEO - Yahoo! News
Rita may be 'national disaster': oil CEO - Yahoo! News: "SAN ANTONIO (Reuters) - Valero Energy Corp. (NYSE:VLO - news) Chairman and Chief Executive Bill Greehey said Hurricane Rita's impact on U.S. crude oil production and refining could be a 'national disaster.'
'If it hits the refineries, and we're short refining capacity, you're going to see gasoline prices well over $3.00 a gallon at the pump,' Greehey said in a Tuesday night interview.
Valero became the largest U.S. refiner earlier this year when it completed the purchase of Premcor Inc. Valero operates refineries in Port Arthur, Houston, Texas City and Corpus Christi, Texas -- all potentially in the path of Hurricane Rita.
'It's going to be coming across the (U.S.) Gulf (of Mexico),' Greehey said. 'There's a lot of oil platforms, oil rigs, (natural) gas platforms, gas rigs. It could have a significant impact on supply and prices, and then, depending on what it does to the refineries, there are still four refineries that are shut down. So this really is a national disaster.'"
'If it hits the refineries, and we're short refining capacity, you're going to see gasoline prices well over $3.00 a gallon at the pump,' Greehey said in a Tuesday night interview.
Valero became the largest U.S. refiner earlier this year when it completed the purchase of Premcor Inc. Valero operates refineries in Port Arthur, Houston, Texas City and Corpus Christi, Texas -- all potentially in the path of Hurricane Rita.
'It's going to be coming across the (U.S.) Gulf (of Mexico),' Greehey said. 'There's a lot of oil platforms, oil rigs, (natural) gas platforms, gas rigs. It could have a significant impact on supply and prices, and then, depending on what it does to the refineries, there are still four refineries that are shut down. So this really is a national disaster.'"
posted by Blackgold at 7:54 PM
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