Breitling Oil and Gas Morning Podcast #75 May 24th, 2012

America’s petroleum refiners manufacture safe, proven and reliable high-quality fuels and other products in an environmentally responsible manner to keep America moving, our economy growing, our citizens employed and our nation secure.

But refiners are being squeezed by costly government overregulation, foreign competition, high oil prices and reduced fuel demand.

A recent report by the Department of Energy found the compounded burden of federal regulations was a significant factor in the closing of 66 oil refineries in the United States in the past 20 years, wiping out thousands of jobs. Two money-losing refineries in the Philadelphia area are threatened with permanent closure, while a third that shut down last year will be reopened after it was recently purchased by Delta Airlines.

This “perfect storm” isn’t just hurting our nation’s refiners and their workers. It’s hurting every American by putting upward pressure on the price of gasoline, diesel fuel, jet fuel, home heating oil and other refined petroleum products. It’s weakening America’s economic and national security by endangering American jobs and threatening to make our nation more reliant on oil and fuel from unstable regions of the world.

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