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.
power to the people!
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Not only that, but refinery margins have been squeezed, some oil companies are actually losing money on their refinery businesses.
Also, while there haven't been new refineries built in quite some time, existing refineries have been expanded substantially so that our overall refining capacity is much larger than it was 20 years ago.