Gas Prices in the Northeast: Potential Impact on the American Consumer Due to Loss of Refining Capacity
Author: Congress of the United States
Publisher:
Published: 2012-08-06
Total Pages: 58
ISBN-13: 9781478375784
DOWNLOAD EBOOKToday's hearing is focused on the impact that closures of petroleum refineries serving in the Northeast could have on prices at the pump in the Mid-Atlantic and New England regions. Since September 2011, two refineries in the Philadelphia area, and one, I should say, a major Caribbean export refinery supplying the East Coast, have in fact closed. Additionally, a third Philadelphia area refinery is slated to shut down this summer. In addition to the immediate impact on gas prices, we will explore at this hearing the long run cost to the economy associated with higher gasoline prices, as well as the actions that can be taken to encourage the adoption of cleaner, cheaper alternatives to petroleum, such as natural gas.