The Wall Street Journal is reporting that the Obama administration played “a central role” in encouraging a private equity firm to rescue a struggling refinery in Pennsylvania. This is rather ironic since part of the reason for the refinery’s financial troubles were the Obama administration’s burdensome regulations.
Earlier this year, refineries on the East Coast were struggling. Sunoco’s northeast refining business had lost over $900 million over the past three years and was considering selling or closing its Philadelphia refinery and its Marcus Hook refinery. These refineries were suffering under the weight of years of regulation and trying to compete in the global marketplace. The outlook was bleak for these refineries and the jobs and petroleum products they supplied.