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Monday, May 5, 2003
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VOLUME 1
ISSUE 42
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Why Gasoline Has Stayed So High In California
Guest Editorial by Bob van der Valk
I have a dream. In it, the CEOs of six major oil companies have been called into a hearing room and asked by a committee chairman to swear under oath that zone pricing is not addictive and good for the health of their companies.
They rise up and repeat in unison: "Zone pricing is not addictive and good for our health." When asked to respond, I say: "Zone pricing is bad for the California consumer, who is addicted to having plentiful and cheap gasoline available."
[FULL STORY]
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Sunoco to Buy Eagle Point Refinery in N.J.
Owner El Paso to Reap $130 Million from Sale
Sunoco, Inc. said last week that it is in a deal with El Paso Corporation to acquire the Eagle Point refinery in Westville, New Jersey for $130 million. Included in the signed letter of intent, Philadelphia, Pennsylvania-based Sunoco will also receive related assets in the sale, as well as pay fair market value for remaining crude oil and refining product inventories at the time of closing.
"Like our Northeast refineries, the Eagle Point refinery processes light, sweet crude oils into high-value products for sale into the large northeast U.S. product market,” said Sunoco Chairman and Chief Executive Officer John G. Drosdick.
[FULL STORY]
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