Saudi Aramco has owned 100% of the Port Arthur refinery in Texas since May of 2017. That refinery is the largest in the US. High gas prices were partially caused by the lack of refining capacity, not the oil supply. Some refineries were taken offline during the pandemic due to low demand, and once oil companies started making enormous profits by raising the price of gasoline, they kept supply low by not reopening refineries. I’m sure Saudi Aramco was one of them.
Here’s a bit of history from Wikipedia.
“On January 1, 1989, Saudi Refining, Inc. purchased 50% of the Port Arthur refinery (and two others) from Texaco to form a joint venture with Texaco called Star Enterprise. In 2001, Texaco was purchased by Chevron. Shortly thereafter Chevron's interest in this refinery (and two others) was sold to Shell on February 13, 2002. This new joint venture was called Motiva Enterprises LLC. Until 2017, the Motiva Port Arthur Refinery was a joint venture with a 50% ownership between Shell Oil Products US and Saudi Refining Inc. Shell Oil Products is part of Royal Dutch Shell. Saudi Refining is part of Saudi Aramco. Approximately 1,200 people are employed at the site.”
I wonder how much of the $2 billion invested with Kushner will be used to secretly buy other properties that are key parts of US security infrastructure and keeping the US economy functioning.
I wish an investigative reporter would dig into everything owned in the US by other countries. Some sales need a second look at the possible risks.
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