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Analysts are getting increasingly worried that the refining industry will not be prepared in time to meet the lower sulfur regulation under the new International Maritime Organization (IMO) set to begin January 1, 2020 and will subsequently increase diesel prices in relation to crude oil.
oil storage
It’s been almost eight days since the chemical fire, outside of Deer Park, Texas, began at a petrochemical storage facility near the Houston Ship Channel that connects to the Gulf of Mexico. The fire that broke out over a week ago at Mitsui & Co’s Intercontinental Terminal sites (ITC) has caused major damage to 11 tanks each holding up to 3 million gallons of fuel used to make gasoline and plastics. After emergency workers were able to get the fire extinguished, flames began to erupt again which halted all efforts to remove any volatile fuels that leaked after a containment wall breached.
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