Exxon Mobil and BP are posting record refinery earnings because of supply cuts
Exxon Mobil and BP are posting record refinery earnings because of supply cuts caused by Hurricanes Katrina and Rita and surging global demand. Profits may be poised to increase.
Consumption is rising twice as fast as refinery capacity, according to Morgan Stanley analyst Doug Terreson, who predicted a ?Golden Age of Refining'' in a report three years ago.
The average US profit margin for turning a barrel of oil into gasoline and heating oil exceeded $15 a barrel in the third...