Blog Smith: Good News: New Oil Refinery, Bad News: Its in Colombia

Monday, April 18, 2011

Good News: New Oil Refinery, Bad News: Its in Colombia

Ex-Im Bank Gives Preliminary OK For $2.8 Billion Export Financing
For Colombian Refinery Project

If the $2.84 billion loan to the Colombian company to expand and upgrade its refinery creates or sustains the 15,000 jobs in the United States that the bank believes it will create or sustain that would work out to $189,333 per job.

According to the National Petrochemical & Refiners Association (NPRA), 95 percent of the gasoline purchased by U.S. consumers is refined inside the United States, meaning that expanding the gasoline refining capacity of Colombia is unlikely to have a significant impact on the supply of refined gasoline in the Untied States.

U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

Reading since summer 2006 (some of the classics are re-reads): including magazine subscriptions

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Woodward, Bob, The Agenda: Inside the Clinton White House;
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