Sky Quarry highlights strategic value of Nevada refinery

The company said, “Sky Quarry (SKYQ) highlighted the strategic importance of its Foreland Refinery as Brent crude oil surged past $110 per barrel – its highest level since mid-2022 – and the Western United States continues to lose refining capacity at an accelerating rate. The convergence of a major oil price rally amid disruptions in the Strait of Hormuz, the permanent closure of major California refineries, and strong regional fuel demand creates a favorable backdrop for domestic refining infrastructure serving the local market. Sky Quarry owns and operates the Foreland Refinery, the only refinery located in Nevada, with approximately 5,000 barrels per day of permitted refining capacity. The facility produces diesel, vacuum gas oil, naphtha, and liquid paving asphalt from crude oil sourced from Nevada and Utah, serving the regional fuel market across Nevada and parts of the broader Intermountain West. Nevada consumes more than 300,000 barrels per day of petroleum products – including gasoline, diesel, and jet fuel – according to the U.S. Energy Information Administration. Because the state has no other in-state refining capacity, nearly all refined fuels must be transported from refineries in neighboring states, principally California.” “Nevada is one of the most import-dependent fuel markets in the country,” said Marcus Laun, CEO. “If two of the largest California refineries serving the Western region close permanently and global oil prices spike above $110 a barrel, the question of where refined product comes from – and who controls local supply – becomes urgent. We own the only refinery in Nevada, and that is a strategically significant position.”