Irving Oil Terminal Boston

Oil Drop Seen Limited as Libya Exports Struggle: Energy Markets - Fullermoney

With every data release - no matter how 'juked' by the statisticians - it becomes more painfully obvious that the developed economies of the West will not be able to generate sufficient economic growth to service their accumulated debts and maintain generous welfare provisions, so something will have to give. Possibly both. Desperate administrations are responding to this end-of-empire moment by ever more desperate attempts to reflate, primarily by the politically expedient route of money printing. Forty years after President Nixon took the US dollar off gold, the marginal investor is increasingly keen on getting back on, because gold is the last true haven against currency debauchery. A debt-based monetary system cannot survive widespread default, at least by conventional means (repudiation), so bond market investors in fundamentally less creditworthy sovereign markets will have their wealth appropriated by inflation instead. Investors flocking into conventional Gilts and US Treasuries are going to be horribly burned; it is only a question of when. "The EFSF [Ed: European Financial Stability Facility], to be ratified in Germany on Sep 23rd, is clearly the most recent highlight of government shadow banking... The EFSF is not accountable to anyone and has no obligation to publish any information... It is outside of the EU legal framework. It is supposed to do the "dirty work" that is now done by the ECB (accountable, with the obligation to publish data)... The Germans' life on an island of illusion and delusion... "Many high profile economists are usually working at one of the well-known economic research institutes. These institutes are usually linked to a left-wing or right-wing political party (CDU, SPD). All these economists are public sector employees. It is obvious that many of these academics do not even grasp what's going on, since none of them has enjoyed an education on a trading floor.

FTC Conditions Irving Oil's Proposed Acquisition of ExxonMobil ...

FTC Conditions Irving Oil’s Proposed Acquisition of ExxonMobil Assets in Maine Settlement Is Designed to Protect Consumers From Higher Gasoline and Diesel Prices

The Federal Trade Commission will require Irving Oil Terminals Inc. and Irving Oil Limited (collectively, Irving) to relinquish the rights to terminal and pipeline assets in Maine that Irving acquired from ExxonMobil, to maintain competition in gasoline and distillates terminaling services in the South Portland and Bangor/Penobscot Bay areas. The proposed settlement resolves the FTC’s charges that the acquisition is anticompetitive and could result in higher gasoline and diesel prices for consumers.

“We continue to closely monitor deals in the energy sector to ensure that consumers of petroleum products are served by competitive markets,” said FTC Bureau of Competition Director Richard Feinstein. “We expect the relief obtained here to accomplish that goal and protect consumers from higher gas prices.”

As the transaction was originally structured, Irving would have acquired ExxonMobil’s terminals in South Portland and Bangor as well as ExxonMobil’s intrastate pipeline connecting the two terminals. Terminals are critical to the sale and distribution of fuels, and they generally include storage tanks and loading “racks” that pump fuels into tanker trucks for delivery.

The original transaction, according to the FTC’s complaint, would have substantially increased concentration in certain geographic markets in Maine. Irving and ExxonMobil are two of only three firms that can independently offer or provide gasoline terminaling services in the Bangor/Penobscot Bay area, and two of only four in the South Portland area. Similarly, they are two of only four firms that can independently offer distillates terminaling services in the Bangor/Penobscot Bay area, and two of six in the South Portland area.

The FTC’s proposed order settles FTC charges by requiring Irving to give up its acquisition rights to ExxonMobil’s Bangor terminal and intrastate pipeline as well as 50 percent of ExxonMobil’s South Portland terminal to Buckeye Partners, L.P. and its affiliate Buckeye Pipe Line Holdings, L.P. (collectively, Buckeye). The proposed order allows Irving to participate in a joint venture with Buckeye created to acquire ExxonMobil’s South Portland terminal.

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