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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (186)	6/10/2001 10:30:10 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Exxon CEO Talks About Energy Crunch AP Online via COMTEX Thursday, May 31 stockhouse.com The chairman and chief executive of Exxon Mobil Corp. [XOM] says he can't imagine any company building new U.S. refineries, and that gasoline-making capacity will be further strained in the next few years by clean-fuel rules. Lee Raymond said a big hurdle in the short run is that U.S. refiners are gearing up to spend $8 billion over the next few years to meet government standards for reducing sulfur content in gasoline and diesel fuel. The result, he said, would be refineries closing temporarily for retooling and leaving some independent gasoline marketers unable to find supplies. ``It's a very complex system, and the more you load on to it, as we're finding out, the bigger the problem,'' Raymond said. Raymond said companies are reluctant to build new refineries because profit margins are too small -- they could invest in other things "and you wouldn't have the aggravation of everybody accusing you of always cheating" by manipulating gasoline prices.