Shell's revealing Louisiana refinery closure

• Shell said the move is partly a result of its long-term plans to transition its portfolio to lower-carbon sources as it aims for "net-zero" emissions by 2050.
• Shell cited its strategy to invest in a "core set of uniquely integrated manufacturing sites that are also strategically positioned for the transition to a low-carbon future."

Yes, but: All that said I don't want to overstate the climate angle in what's mostly a market story as the industry grapples with COVID-19.

• "Refineries have come under increasing financial pressure worldwide, as fuel demand has dropped during the coronavirus pandemic," the Houston Chronicle notes.
• Per Reuters, it's the ninth North American refinery slated for shutdown or idling since the pandemic began.

What's next: The shutdown process at the plant, which employs 675 people, will begin later this month, Shell said.