Phillips 66 to Pay $100MM in Cleanup as LA Refinery Closes
Phillips 66 (...
Phillips 66 (PSX) will pay about $100 million in the third quarter for clean-up related to the closure of its Los Angeles area refinery and attached pipeline system, the company said Oct. 2.
The facility, attached to offshore production platforms, received its last waterborne crude on September 30. Phillips expects to complete crude processing operations on October 16.
In an update on the company’s refinery, PSX said it expects to pay about $70 million for environmental mitigation at the refinery site and another $30 million for midstream assets that will be shuttered once the refinery closes.
The state had more bad refinery news Oct. 3, after a fire in Chevron’s El Segundo refinery temporarily closed most production at the site. Chevron is relocating its headquarters from San Ramon, California, to Houston, but plans to maintain operations in El Segundo.
Phillips began closing down its unit in September and stated that some operations have already been idled. The company expects closing operations to continue to the end of the year. The refinery has a daily capacity to handle about 139,000 bbl of crude.
US DOE Supports Domestic Lithium with 5% Stakes in Lithium Americas, Thacker Pass JV
The U.S. government on Oct.1 announced...
The U.S. government on Oct.1 announced it is taking a 5% equity ownership stake in Canada-based Lithium Americas Corp. (LAC) and a 5% stake in the company’s flagship Thacker Pass lithium project in Nevada.
The move restructures a $2.26 billion federal loan awarded by the U.S. Department of Energy (DOE) to the project, as the U.S. takes steps to protect what it says is the only domestic source of lithium carbonate in America.
The U.S. is on a mission to boost domestic supplies of lithium—a critical material for batteries, electronics and energy storage systems—to reduce reliance on foreign sources.
Some economic data will be released this week; some probably won’t
As the government shutdown drags into a second week, the data picture...
As the government shutdown drags into a second week, the data picture is only getting muddier. Import and export numbers are supposed to be released on Tuesday, and jobless claims are set for Thursday, but the federal government publishes that data, so it won’t be released during the shutdown. The financial metric environment won’t be completely barren, though. Consumer credit data will be released on Tuesday. The Federal Reserve will release the minutes of its September 17 meeting on Wednesday, and Fed Chair Jerome Powell will deliver remarks at a bank conference on Thursday. Then, the University of Michigan’s consumer sentiment report will be out on Friday.
The US Supreme Court’s new term starts today: The...
The US Supreme Court’s new term starts today: The high court starts its nine-month term with plenty of big cases in the pipeline. During the term, the justices will hear arguments on the legality of many of President Trump’s tariffs, Trump’s attempt to fire Federal Reserve Governor Lisa Cook, and Trump’s removal of Federal Trade Commissioner Rebecca Slaughter. The Supreme Court will also hear cases involving gun rights, campaign finance limits, and, potentially, Trump’s attempt to end birthright citizenship (to name just a few). The term runs through the end of June.
A shooting in Montgomery, AL, on Saturday night left at least 12 wounded and two dead. At least half of the people shot are said to be teenagers.
A federal judge temporarily blocked President Trump from sending federalized National Guardsmen from California or any other state to Portland, OR. California Gov. Gavin Newsom said he will sue the Trump administration after the president sent CA National Guard members out of state.
Eight OPEC+ members, including Saudi Arabia, voted to increase oil production in November.
Bitcoin hit a new high above $125,000, due in part to the US government shutdown.
U.S. stock futures flat, while oil and bitcoin prices rise amid uncertainties
U.S. stock futures gained Sunday, after the S&P 500...
U.S. stock futures gained Sunday, after the S&P 500 and Dow Jones Industrial Average ended Friday at all-time highs.
Dow Jones Industrial Average futures were up 72 points, or 0.2%, late Sunday, while S&P 500 futures and Nasdaq-100 futures also advanced as investors remained in wait-and-see mode, as the government shutdown has put the release of much economic data, including monthly jobs numbers, on hold.
Bitcoin notched a new record high Sunday,topping the $125,000 mark as investors turn to the so-called debasement trade, seeking out the perceived safety of crypto and gold to hedge against fears of a falling dollar amid increased economic uncertainty caused by the government shutdown. The price of gold also edged higher Sunday, as did the ICE U.S. Dollar Index , which measures the greenback against a basket of rival currencies.
