Thursday, May 17, 2012
Imperoyal - time running out
This is first of all bad news for consumers, who will be faced with increased costs of gasoline and heating oil.
It also bad news for the some 200 plus employees and an equal number of contractors.
It signals the mess in Canada's petroleum industry where some companies are getting wealthy on oil sands and exploration, but have no commitment to actually serving consumers.
Eastern Canada depends almost exclusively on imported crude oil, whereas western Canada wants to export to the United States and Asia, instead of shipping it east.
Now, with the impending closure of this refinery in 2013, we will be in the postion of having to buy refined product, not just crude. That is unless Ultramar in Lévis, QC or Irving Oil in Saint John, NB can supply local needs.
Somehow this broken model must be fixed.