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Refinery Closure Will Lead To Higher Pump Prices

Monday, 28 Jan 2013 | 4:00 PM ET

Hess announced it is closing its Port Redding, NJ, refinery by the end of the month. CNBC's Sharon Epperson explains what the closure of this key refinery in New York Harbor -- responsible for about 7.5 percent of gasoline production on the Eastern seaboard -- will be mean for drivers in the Northeast.