WASHINGTON, April 24, 2012 /PRNewswire-USNewswire/ -- The U.S. Congress Joint Economic Committee (JEC) is holding a hearing this Thursday, April 26, 2012 at 2:15 p.m. (EDT) in room G-50 of the Dirksen Senate Office Building to address the impact of the Philadelphia-area refinery closures on fuel prices. United Steelworkers (USW) local union leaders from these refineries and the shuttered Hovensa LLC refinery in the U.S. Virgin Islands will be available to talk with reporters before and after the hearing.
The hearing, which is titled "Gas Prices in the Northeast: Potential Impact on the American Consumer Due to Loss of Refining Capacity," will examine how the price and supply of gasoline and heating oil will be affected by the closures and whether centralizing the production of gasoline, diesel and heating oil along the Gulf Coast will impact fuel prices and supply in the Northeast.
Gas prices are anticipated to soar this summer in the Northeast. Already three refineries serving the region have shut down: ConocoPhillips Trainer, Pa. refinery; Sunoco Marcus Hook, Pa., refinery; and the Hess Corp. and Petroleos de Venezuela SA Hovensa LLC refinery in St. Croix, U.S. Virgin Islands. Potential closure of Sunoco's Philadelphia refinery will mean half of the Northeast's refining capacity will be gone.
"Closure of these refineries affects not only the price of gasoline, but impacts our members and their families, the community, and our country's economic and national security," said USW Local 10-1 President Jim Savage.
WHAT: Hearing on "Gas Prices in the Northeast: Potential Impact on the American Consumer Due to Loss of Refining Capacity"
WHO: USW union leaders will be available to speak before and after the hearing.