Quote:
Originally Posted by 12clicks
dear geniuses, the price of a barrel of oil is $120ish last I looked.
refineries have ZERO to do with that
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And as of yesterday East coast refining margins were only about 1/3 of what they were in the 2nd quarter of 2007. To repeat once again refiners margins are being squeezed. Valero, the largest US refiner, just reported profits that were down 77%.
The money is being made right now in oil and natural gas Exploration and Production.