Came across this bit of info summarizing the status of the oil industry:
Quote:
about 1.4 million bpd of crude production -- about seven percent of domestic demand -- was still shut down and concerns about the lack of feedstock for refineries prompted the United States to offer to loan crude to companies to replace lost output.
The offer helped ease oil prices from record highs above $70, but U.S. crude still remained at a red-hot $69.70, down 11 cents.
Nine refineries with combined capacity of nearly 2 million bpd were shut down and four more were running at reduced rates. Three of the refineries in Louisiana are "under water," according to a U.S. senator.
Exxon Mobil said that restoring products pipeline and marine links, including Mississippi River traffic, was more important to it in boosting crude runs at its capacity-curbed Baton Rouge, Louisiana, refinery.
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