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Article: Refiners lose on reformulation nationwide, may take smaller hit on California Phase 2. (reformulated gasoline)
- Article from:
- The Oil Daily
- Article date:
- December 1, 1995
- Author:
CopyrightCOPYRIGHT 1995 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- After a year of wholesaling and 11 months of retailing, reformulated gasoline has proven to be a large-scale, nationwide money-loser, specialists say.
And the ones taking the hit are refiners and their investors, said Charles L. McSpadden of Bonner & Moore Associates Inc.
Now, within the next six months, California refiners begin finding out whether they will be hit as hard by their state's Phase 2 reformulation, more expensive and ambitious than the federal program's first phase.
The next phase for California may take less of a bite out of the bottom line for four reasons:
* Costly construction projects have been scaled back.
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