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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (41694)	9/16/2005 3:18:41 PM
From: Elroy Jetson	Read Replies (3) \| Respond to of 110194

Blaming the lack of High Sulfur (Sour Crude) refining on environmentalists is completely false. Sour crude destroys refineries unless the refinery is rebuilt to handle it. The simple truth is its very expensive to upgrade ($3 billion per refinery) and very expensive to run (50% more costly) a high sulfer (sour crude) refinery. If oil prices were to decline, very few refiners want the burden of running such a costly refinery. Motiva, a joint-venture of Shell and Saudi Arabia have announced an upgrade and expansion of their Port Arthur Texas refinery to handle Saudi Sour Crude. Only one of Chevron's refineries can handle sour crude, Pascagoula Mississippi. They obtain their sour crude from Venezuela, Mexico, and domestic Gulf producers. The greatest growth in sour crude refineries are in China, simply because all of the good crude is already under contract. .