Four Injured In Explosion At A Texas ExxonMobil Oil Refinery
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Photo: Molly Fitzpatrick via REUTERS
The Baytown ExxonMobil refinery is located about 25 miles east of Houston. Built in 1920, it is the company’s largest oil refinery in the United States. According to the company’s website, it produces 584,000 barrels of crude oil per day.
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In 2019, another fire broke out at the facility. It injured 37 people.
The Sheriff’s office has asked residents to avoid the area around the facility, but no other evacuation or shelter-in-place orders have been issued.
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If you need any indication of how bonkers the used car market is right now, it’s this: some cars are more expensive to buy used than to buy new.
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iSeeCars, a site dedicated to comparing the relative costs of used cars, has released a new study that illustrates just how wild the market it. Starting in June 2021, the new-used price gap narrowed drastically, to the point where some used vehicles actually became more expensive than their new counterparts.
Here’s a list of those cars, followed by a percent that represents how much more expensive these used cars are than their new, base model counterparts:
Kia Telluride, 8.1 percent
GMC Sierra 1500, 6.4 percent
Toyota Tacoma, 5.2 percent
Mercedes-Benz G-Class, 4.1 percent
Toyota RAV4 Hybrid, 3.9 percent
Toyota Tundra, 3.7 percent
Dodge Challenger, 3.5 percent
Toyota 4Runner, 3.3 percent
Hyundai Palisade, 2.9 percent
Tesla Model 3, 2.9 percent
Honda Civic, 2.8 percent
Dodge Charger, 2.3 percent
Honda Odyssey, 1.2 percent
Kia Rio, 0.7 percent
Subaru Crosstrek, 0.6 percent
Subaru WRX, 0.2 percent
On its face, it sounds silly — who would willingly spend more money on an older car if the brand-new version will be cheaper?
The main problem comes down to parts shortages, specifically with the microchips that have been next to impossible to source. If you’re looking to buy a specific, brand new car, there’s a good chance you’ll end up facing delays or will have to scour dealerships in your state trying to find the specific model you’re looking for.
For some people, paying that extra money is worth not having to wait. iSeeCars executive analyst Karl Brauer calls it “instant gratification,” but I think it’s a little more complex. I’ve had a handful of friends and family members buy cars recently for various reasons.
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My stepdad hit a deer and had his car totaled, so he needed a new car ASAP. He loved the Toyota RAV4… but not one dealership within a two hour drive had one. He found a used version that cost about as much as a new one, but he’d get to take it home that day, which was good, since he needed a vehicle to commute to work that night. That extra money was worth it because he got the car he wanted when he needed it.
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A deal has been struck for McLaren to sell its iconic headquarters in Woking, England, to a New York-based firm for £170 million, or around $236 million, it was announced Tuesday. The complex had been on the market for months.
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McLaren will remain a tenant on the 840,000 square foot campus as part of a 20-year leaseback agreement, with plans to remain there long term. McLaren is in the middle of restructuring its debt, it said last year, with the money for its headquarters part of a broader equity raise it was doing to have “a sustainable platform for long-term growth and investment.”
“We are excited to announce that this world-class facility will become part of the GNL portfolio,” said James Nelson, CEO of GNL “The McLaren Group Headquarters’ state of the art buildings have won numerous awards, were designed by renowned architect Norman Foster, and are the type of mission-critical, net-leased properties that make up the GNL portfolio.”
Photo: McLaren
McLaren had initially sought £200 million for the complex, which has a wind tunnel testing facility and several artificial lakes, in addition to production facilities for McLaren’s road cars. Construction was completed on the tech center in 2003, while the production center was added in 2011.
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And while it’s a little sad to see it go, the pandemic has not been kind to McLaren, which was forced to lay off around a quarter of its staff last year. McLaren also got a $185 million cash boost from the National Bank of Bahrain last year.
There was even some suggestion that McLaren’s cash struggles might affect its performance in Formula 1 this year, though that hasn’t been the case; Lando Norris in particular is enjoying a fine start to the season, sitting in third in the driver standings. The team’s other driver, Daniel Ricciardo sits seventh, or right in the mix for what should be a competitive year for a team that is shooting for at least one driver in the top five.
