Low crude prices are finally squeezing refineries’ margins
Low crude prices are finally squeezing refineries’ margins
The oil industry has seen waves of consolidation in the two years since crude prices plunged: oil producers, pipeline companies, companies that service oil fields. But refineries held up for a long time. For them, low prices for oil — their raw material — meant higher profits. But now the changing economics of oil are changing the economics of refining. Tesoro announced it’s buying Western Refining for about $4 billion.
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