July 22, 2007

Cry me a river ... of oil

You mean to tell me, with their record profits and tax breaks, they can't either (a) get the repairs done or (b) build some new refineries? The money quote comes in the last paragraphs of the article, if you can get past the whining of the oil companies:

No refineries have been built in the United States in over three decades, because refiners say they are too costly. Instead, they have been expanding their existing refineries.

All this is happening as the industry goes through another golden age. After 20 years in the doldrums, the refining business has never been so good for oil companies. Refining margins — the difference between the price of crude oil and the value of refined gasoline made from it — have shot up as much as $25 a barrel for some types of crude oil, compared with about $5 a barrel just a few years ago.

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