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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Elroy Jetson who wrote (38939)10/11/2005 2:14:19 PM
From: patron_anejo_por_favor  Read Replies (1) of 116555
 
And I'll say it again: If the business (refining) were profitable for independants, there would be new refineries sprouting up all over the place. If the majors are dinking around at the edges to support clean air legislation, who cares? AFA independants go, it doesn't look like Valero has been too hamstrung by their efforts to eke out a buck over the past 10 years by their strategy of acquiring existing refineries. If the "war" in Iraq were to end tomorrow (which it won't, it's now a civil war that will go on indefinitely with or without the US), it would lower the price of crude a bit, but have little effect on refining margins here, since the US will still be refinery-constrained.

If the majors wanted fewer refineries, and they pursue legal means to do it, again, who cares. If people like Jamie Court really gave a shit about the problem, he'd be pushing for fewer EPA restrictions and even tax credits for building new refineries.
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