Philadelphia Energy Solutions (PES) confirmed yesterday that it will seek to permanently shut its oil refinery in the city after a massive fire caused substantial damage to the complex, Reuters reported. “The recent fire at the refinery complex has made it impossible for us to continue operations. We are grateful that the fire resulted in only a few minor injuries,” PES CEO Mark Smith said. “We are committed to an orderly process to safely wind down our operations.” Shutting the refinery, the largest and oldest on the U.S. East Coast, will cost hundreds of jobs and squeeze gasoline supplies in the busiest, most densely populated corridor of the U.S. Smith said that the company will “position the refinery complex for a sale and restart,” though such a process would probably take years and face community opposition. About 100 non-union employees will be laid off immediately, with a “significant” number of the 700 union employees expected to lose their jobs in mid-July.
