-Valero on Tuesday said it will complete tanks to be used for crude export at its Corpus Christi, Texas, refinery in the first quarter of this year. Via Reuters, Valero will use the tanks to store Eagle Ford oil to be sent to its Quebec refinery. Valero said it might also ship the oil to other Valero refineries on the Gulf Coast. The company has not disclosed the capacities of the new tanks.
-Bloomberg examines the far-reaching effects $40-per-barrel oil would have on economies around the world. According to estimates by Oxford Economics, Saudi Arabia, Russia and the United Arab Emirates would suffer the most among advanced economies. The U.S., on the other hand, would see economic growth of 3.8% over the next two years, compared to 3% growth at $84 oil. An expert at JP Morgan says oil companies could offset the potential benefit to consumers by pulling back planned investments.
-The oil price plunge has forced U.S. Steel to idle a pipe manufacturing plant in Ohio. The company will lay off more than 600 workers beginning in March.
-The EPA today said it would wait until the middle of the summer to issue a final rule on carbon emissions from new coal-fired power plants. Via the Associated Press, the rule was due by law Jan. 8. Senate Majority Leader Mitch McConnell (R-Ky.) is expected to mount a challenge to the EPA’s rule.
-Boardwalk Pipeline Partners lowered pressure at its Evangeline Ethylene Pipeline to remove an inspection tool from the line, Platts reports. The company said two of the pipeline’s four receipt points are still flowing. It is not yet known when the pipeline will return to full operation. The pipeline transports ethylene from Texas to Louisiana at a capacity of more than 1 million mt/year.
