Suncor Energy CEO Predicts Failure of Some U.S. Oil Refiners

(Bloomberg) — Some U.S. refiners may be forced to shut plants and go out of business in coming months as declining demand aggravates narrowing fuel-production margins, said Suncor Energy Inc. Chief Executive Officer Rick George.

U.S. oil refiners will also sell facilities, George said today during a conference call with investors and analysts.



“There will be some real fire sales,” said George, who leads the world’s second-largest oil-sands producer. “We should actually see some U.S. refiners shut down. Some of the weaker refiners should go out of business.”

Bloomberg