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Largest East Coast oil refiner is bankrupt

Photo by Spencer Platt/Getty Images

Philadelphia Energy Solutions, the East Coast's oldest and largest oil refinery, said that it will file for Chapter 11 bankruptcy protection, as part of a structuring that includes $260 million in new financing from creditors and existing owners like The Carlyle Group. Current operations are not expected to be affected.

Why it matters: The bankruptcy is certain to fuel a political fight over the Renewable Fuel Standard, the national biofuels mandate that independent refiners say is imposing burdensome costs.