Edward M. Carey
Edward Michael Carey | |
|---|---|
| Born | Template:Birth date Brooklyn, New York, U.S. |
| Died | May 12, 2002 (aged 85) Manhattan, New York City, U.S. |
| Occupation | Oil industry executive |
| Known for | President of Carey Energy Corporation; founder of New England Petroleum Corporation; co-founder of Peerless Oil Company; involvement in Commonwealth Oil Refining Company |
Edward Michael Carey (October 12, 1916 – May 12, 2002) was an American oil industry leader who held the position of president at Carey Energy Corporation and played a significant role in advancing the political endeavors of his brother, Hugh Carey, who served as Governor of New York from 1975 through 1982.
Early life
Carey was born in Brooklyn, New York as one of six brothers to Margaret (née Collins) Carey and Dennis Joseph Carey Sr. Among his siblings were Dennis J. Carey Jr., who led the family business; Hugh L. Carey, a U.S. Congressman and New York Governor; John R. Carey; Martin T. Carey; and George G. Carey, a securities analyst who tragically died in a plane accident in 1959.
He completed his education at St. Augustine's School and pursued higher studies at both Manhattan College and St. John's University.
Career
During the 1930s, Carey co-established Peerless Oil Company—later known as Peerless Petrochemicals—a firm specializing in petroleum transportation. In the early 1940s, he founded New England Petroleum Corporation based in Brooklyn, which evolved into one of the largest privately held petroleum refining and distribution enterprises in the United States, primarily providing petroleum products to electrical utilities along the East Coast. The corporation also maintained oil exploration operations in regions such as the Persian Gulf, North Africa, and the North Sea.
In 1968, Carey entered a joint venture with Standard Oil of California (currently Chevron Corporation) to form the Bahamas Oil Refining Company, constructing a $60 million refinery in the Bahamas designed to process Standard Oil’s Libyan sweet crude oil. Subsequently, New England Petroleum supplied refined fuels to Northeastern utility companies seeking cleaner energy sources amid increasing environmental regulations. The company’s headquarters were located in Freeport, Bahamas, with financing predominantly provided by Standard Oil. However, the operation encountered difficulties following the 1973 oil crisis and Libya’s nationalization of its oil industry. Tensions emerged between Carey and Standard Oil against a backdrop of stricter federal policies and escalating oil prices.
By late 1978, the refinery entered receivership burdened with $300 million owed to Libyan and Iranian national oil companies as well as $100 million to Standard Oil of California. In 1979, Carey sold Carey Energy Corporation—then valued at $550 million—to Charter Company of Jacksonville for $4 million in cash, $16 million in convertible preferred stock, and a consulting agreement paying Carey $200,000 annually. The principal assets included a 65% ownership interest in the Bahamas Refinery (with Standard Oil retaining 35%) along with New England Petroleum. Charter outbid Ashland Oil to secure this acquisition.
A distinctive contract with Libya was critical to this transaction; it linked Charter’s payments directly to oil deliveries, resolving previous credit challenges that had hampered Carey's operations. Combined with improved refinery profit margins during the 1979 energy shortage, this agreement enabled Charter to clear debts owed to foreign suppliers within four months post-acquisition.
Despite these developments, by 1982 the Bahamas refinery had become an unprofitable "white elephant," contributing significantly to Charter’s financial troubles despite assertions that other holdings compensated for these losses. Ultimately, Charter sought bankruptcy protection in late 1984 and subsequently divested all its businesses before acquiring Spelling Entertainment Inc.
Commonwealth Oil Refining Company
In 1953, Carey played a key role in founding the Commonwealth Oil Refining Company in Puerto Rico as part of the Operation Bootstrap initiative. His collaborators included Rear Admiral Andrew F. Carter, former president of Shell Eastern Petroleum Products, Charles W. Saacke, and Fred Gilbert from New England Petroleum. The enterprise managed a petrochemical facility alongside a refinery valued at $24.5 million located in Ponce, Puerto Rico. Commonwealth handled daily processing volumes and was acquired by Charter for $650 million in 1980.
During the late 1950s, Carey was also involved in a coalition of American companies that worked to develop a capital market within Puerto Rico.
Personal life
Carey married Elizabeth Ann "Betty" Sullivan in 1941; she passed away in 2000. Together, they had three children:
- Edward Charles Carey, who first wed Eileen Campion Cahill in 1966 and subsequently married her sister Moreen Cathleen Cahill (1945–2020) in 1971.
- Diane Margaret Carey, who became the wife of Myles Charles Cunningham—whose father was a vice president at Manufacturers Hanover Trust Company—in 1968.
- Jane Elizabeth Carey, who married Thomas Alan Haswell from New England Petroleum Corp. in 1971.
Carey passed away in Manhattan on May 12, 2002. His funeral services took place at the Church of St. Vincent Ferrer in New York City, and he was interred at Holy Rood Cemetery located in Westbury, Long Island.