Philly Refinery Involved In Last Week's Fire Officially Shutting Down

After last week's gigantic fire in Southwest Philly, Philadelphia Energy Solutions has announced that the oil refinery facility involved will officially shut down "in the next month," according to 6ABC.

Mayor Jim Kenney announced in a statement that PES had given him the word on Wednesday, as the shutdown will impact more than 1,000 workers at the facility.

Reuters also reported today that layoffs could start as soon as today (Wednesday.)

Speculation has gone around that the fire will cost gas prices to go up, but there's no official word yet on immediate effect on oil prices. 6ABC also reports that the company had struggled financially recently as well.

There is still no official cause yet, but fire officials say a mix of butane and propane contributed to the eruption.

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