Post by Logan on Jun 22, 2016 19:42:46 GMT -6
A petroleum fuel storage terminal at the Port of Anchorage is up for sale as part of an effort by the state to prevent monopolistic practices in the gasoline market, the Department of Law announced Tuesday.
Tesoro, which acquired the fuel terminal as part of a recent asset purchase from Flint Hills Resources, will now be required to sell it under an agreement with the state. Ownership of the terminal, which contains 580,000 barrels of usable storage, gives Tesoro the power to prevent rival fuel importers from bringing gasoline through the Port of Anchorage, the state found.
Tesoro already owns the port's two other fuel terminals and is the sole refiner of gasoline in Alaska. Regulators and some politicians feared total ownership over storage at the port would allow the San Antonio-based company to eliminate any competition and potentially inflate Alaska's already-high gas prices.
"If you're a wholesale purchaser of gas, if you're not happy with Tesoro's price, what are your other options?" said chief assistant attorney general Ed Sniffen.
Read more: www.adn.com/alaska-news/economy/business/2016/06/22/state-acts-to-prevent-tesoro-from-gaining-gasoline-monopoly/
Tesoro, which acquired the fuel terminal as part of a recent asset purchase from Flint Hills Resources, will now be required to sell it under an agreement with the state. Ownership of the terminal, which contains 580,000 barrels of usable storage, gives Tesoro the power to prevent rival fuel importers from bringing gasoline through the Port of Anchorage, the state found.
Tesoro already owns the port's two other fuel terminals and is the sole refiner of gasoline in Alaska. Regulators and some politicians feared total ownership over storage at the port would allow the San Antonio-based company to eliminate any competition and potentially inflate Alaska's already-high gas prices.
"If you're a wholesale purchaser of gas, if you're not happy with Tesoro's price, what are your other options?" said chief assistant attorney general Ed Sniffen.
Read more: www.adn.com/alaska-news/economy/business/2016/06/22/state-acts-to-prevent-tesoro-from-gaining-gasoline-monopoly/