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Fiddling at Refineries


Earlier this week, I released something I'd written on refineries and gas prices. According to this NY Times article (via Drudge), the problem isn't environmentalists - it's a lack of effort by oil companies.

After Hurricanes Katrina and Rita disrupted the nation's energy lifeline two years ago, oil companies delayed maintenance on many of their plants to make up for lost supplies and take advantage of the high prices [emphasis mine].
Then oddly, the author throws in this next sentence:
But, analysts say, they are now paying a price for deferring repairs.
My question - what price are they paying? Because near the end of the article, we read this:
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.
There's no price being paid here, except what we are paying at the pump. We're lining their pockets big time while they fiddle and enjoy big profits. That's irresponsible and I'm more pissed about it than before.


Tags: high gas prices
by Brett Rogers, 7/21/2007 11:09:22 PM


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