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Old 05-13-2008, 10:49 PM   #12
tw
Read? I only know how to write.
 
Join Date: Jan 2001
Posts: 11,933
Again who do we blame for high diesel prices? From the NY Times of 14 May 2008:
Quote:
Oil Refiners See Profits Sink as Consumption Falls
The rising oil prices have led to a sharp drop in refining profit margins, or the difference between the cost of oil and the cost of gasoline. These margins, at $12.45 a barrel on average, are 60 percent below their year-ago level, and in the lower half of their five-year range, according to a report by UBS.

In response to falling gasoline demand and rising costs, refiners have cut their production rates. Refining utilization rates, for example, slumped to a low of 81.4 percent in the second week of April, compared with 90.4 percent at the same time last year. Earlier this month, refineries were running at 85 percent of their capacity.
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