Crisis. I think its a good thing for us, you know, this quarantine, all of us not working. Reporter but its not good for marathon petroleum, as it announced its shutting down its massive martinez refinery, a process that takes about a week. The company said its grant to shut down on sunday because of a 60 drop in demand for gasoline brought on by the coronavirus, and californias shelter in place order. This is are a really unprecedented event that the refineries, i think, are scrambling to respond to. Reporter uc burke berkeley studies the industry and called marathon a major producer. It can process 161,000 barrels of crude oil per day and employees about 740 people. But with wholesale prices dropping, it no longer makes economic sense to keep the refinery running. Theres just way too much gasoline being produced, and the refineries have no place to put it. So somebody was going to have to stop producing, and it looks like the marathon refinery is the first one in the bay area to actu
Bay area. Crude oil futures turned negative for the first time in history. Plunging to a 37 a barrel. Good evening. The negative price Oil Producers are willing to pay people to take the stuff off of their hands. Gasoline demand is so low and east bay refinery is shutting down. From mill valley to san jose the average price for a gallon of gas is about two dollars 29. A price we havent seen in the bay area since 2016. Lynn ramirez is in the south bay with a huge impact. You talk about the draspth of shutting down a re rewhy. Pumps ve be mostly side for con that prices are dropping. 2. 85. 2. 69. 2. 59. And now even 2. 29 for a gallon of regular unleaded. Prices are dropping fast. It is the one bright spot for people hit hard in the pocketbook by the covid 19 crisis. I think it is a good thing for us. This quarantine. All of us not working. Is not good for gas stations and the companies that run refineries. The Marathon Petroleum Company Announced it is shutting down its massive martine
Well tell you why it may not get there. And tinkering with toys irans mr fix it and how hes bringing more than just told to life. So then the figures are getting more mind boggling by the day on how the coronavirus pandemic is affecting the worlds biggest economy and with yet another stimulus bill set to be approved by the u. S. President the government will have spent nearly 3 trillion dollars as it deals with the economic fallout the latest relief package was agreed to in congress during 2 sessions with members standing apart and Wearing Masks its a 4th aid package so far and will support Small Businesses pandemic has made more than 26000000 americans unemployed in just 5 weeks trump though says the economy will bounce back quickly despite the number of cases and deaths continuing to rise and some states like georgia theyre preparing to reopen their economies later on friday. Economy will start to pick up very substantially as soon as the states get open and thats happening as we spe
Oil is heading to the u. S. Well tell you why it may not get there. And in sport the 1st round of the n. F. L. Draft takes place virtually. The Cincinnati Bengals. Quarterback alex you joe girl is big moment arrives and his parents live in the rain line. Its a figure that is as extraordinary as it is voss to the amount of emergency funding the u. S. Is now heading towards as it tackles the fallout from the coronavirus pandemic another stimulus bill is set to be approved by President Donald Trump thats going to take emergency spending to nearly 3 trillion dollars the latest relief package was agreed to in congress its the 4th aid package so far and its going to support Small Businesses the pandemic has made more than 26000000 americans unemployed in just 5 weeks so says the economy will bounce back quickly despite the number of cases and deaths continuing to rise some states like georgia are preparing to reopen their economies later on friday. Economy will start to pick up very substant
Start of the fasting month of ramadan. And the biggest shipment in years of saudi oil is heading to the u. S. Will tell you why it may not get there. Well its a figure that is as extraordinary as it is vast the amount of emergency funding the United States is now heading towards as it tackles the fallout from the coronavirus and another stimulus bill is set to be approved by President Donald Trump and that will take emergency spending to nearly 3 trillion dollars the latest relief package was agreed in congress its a 4 day package so far and will support Small Businesses at the pandemic has made more than 26000000 americans unemployed in the last 5 weeks from those says the economy will bounce back quickly despite the number of cases and deaths continuing to rise some states like georgia are preparing to reopen their economies later on friday. Economy will start to pick up very substantially as soon as the states get open and thats happening as we speak and its actually very exciting a