4 January 2010
Rough times for US oil refiners
If the US oil refining industry is a roller-coaster ride, it is on a dizzying downward plunge as demand drops and prices rise, writes Anne Feltus
NOT MUCH is going right for the US' oil refiners. Two years after refinery margins reached their peak, refiners are facing a perfect storm of problems that have turned profits into losses. A weak economy has reduced demand for gasoline, diesel and other refined fuels; the Energy Information Administration (EIA) predicts consumption of petroleum products will fall by 3.7% this year. Growth of global refining capacity has created a market glut. The price of crude oil, refiners' principal feedstock, has climbed steadily since March. Meanwhile, refined products inventories have reached record levels. And that is not all. In recent years, refiners have invested heavily in equipment for proces
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