Par Pacific Holdings suspends buying Russian crude oil
The parent company of local gas station brands Hele and 76 will stop buying Russian crude oil after the country’s invasion of Ukraine.
Par Pacific Holdings says it will continue to monitor and evaluate its stance on Russian oil over the coming weeks and months.
In the meantime, it will turn to other grades of crude oil primarily from North and South America to meet its fuel production requirements in the state.
Last year about 25% of the state’s fuel supply came from the Russian Far East.
Hawaiʻi’s Chief Energy Officer, Scott Glenn, said the Hawaiʻi State Energy Office supports Par Pacific’s decision and have been in close contact with company officials since the Russia-Ukraine conflict began.
While the state does not anticipate any supply concerns, energy prices are likely to remain high – or go even higher.
"This market exposure underscores why Hawaiʻi is focused on transitioning as quickly as it can to locally produced renewable energy,” Glenn said in a statement