Chevron refinery fire hits oil market

Customers fuel their cars at a Chevron gas station on July 27, 2012 in Greenbrae, Calif.

Jeremy Hobson: A major refinery for Chevron caught fire in California last night. The fire in Richmond, outside of San Francisco, has been extinguished, but one employee was injured at the plant and hundreds of area residents have gone to the hospital with breathing problems because of the smoke. And the fire could be bad news for drivers across the West, because one less refinery online is likely to mean higher gas prices.

Juli Niemann is an oil and gas analyst with Smith Moore and Company and she joins us live from St. Louis as she does every Tuesday.


About the author

Juli Niemann is executive vice-president for research and portfolio management with Smith, Moore and Company.
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Juli Niemann's comments, "Well,, this is a prime example of the industry using duct tape for repairs, all short term." is quite premature considering that no investigation has been performed. What is her evidence? Secondly she said "They really needed significant upgrades and they just weren't coming." If she really did her homework she would have known that the upgrades that the refinery was seeking was on a different unit, not the one that caught fire. Juli should stick to financial analysis and not jumping on the big oil is bad bandwagon.

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