London and the South East of England could be hit by a fuel shortage after one of the largest oil refineries in the UK suspended production.
The Coryton refinery in Essex was forced to shutdown after its Swiss owner Petroplus admitted it was on the brink of collapse.
It supplies around 20% of the fuel for London and the South East, has total capacity of 175,000 barrels of crude oil per day and employs around 1,000 people.
Petroplus shares were suspended from trading in Switzerland yesterday and its stock has dropped 99% since 2007.
Richard Howitt, the MEP for the East of England MEP, told the BBC on Tuesday that the shutting of the refinery could even affect the Olympics.
"One thousand job losses in Essex will have a devastating impact on the local economy. I don't want to be alarmist about this, but I don't want to be dishonest either.
"Supplies across London and the South East could be affected and I have been told this could impact the Olympics," he said.