Originally Posted By: javacontour
Just because they sell of the refineries doesn't mean the refinery will close down. I really doubt they will close the refinery. Someone else will buy it and run it, if they think they can make a buck.
Not likely. First off, Sunoco was losing money on those refineries for a reason. Second off, it is common knowledge that, "The oil companies, with profits of tens of billions of dollars each year, are closing U.S. refineries due to environmental and other government regulations and union demands" (Canada Free Press) Any google search on US oil refinery closings point to the US government restrictions and taxes/fees. Just recently we have Sunoco closing two refineries in July 2012 in Philadelphia and Marcus Hook, PA. Conoco Phillips announced the closing of two plants in Trainer, PA, and Bayway, NJ, and is closing its facility in Alaska. And now Hess is closing the third largest U.S. oil refinery. All of these companies are closing their refineries because of #1. Government-imposed restrictions, fees, and taxes. #2. Union demands and resulting higher cost of employees. #3. Foreign aid being sent from the US government to other countries that are building new refineries.
Sunoco will likely liquidate all of their equipment before selling the whole site.