Impact of Growing Economies on America

Impact of Growing Economies on America
May 14, 2008 20:33
MUDDIEDKNEES Points: Join Date: Apr 1, 2008 Status: offline	American oil refiners are losing money with crude oil rising 100% while gas (refined oil) prices rose only 39% during the past year. This is because global crude oil demand is rising much more rapidly than local demand for gasoline and other refined products. The irony: despite the rising prices at the gas pumps, which are killing average Americans, the oil refiners are still losing money. According to NY Times: "While large integrated companies, like Exxon Mobil, reported big profits in the first quarter thanks to their oil sales, smaller independent refiners that buy their oil, instead of producing it themselves, have been losing money." Read further at: http://www.nytimes.com/2008/05/14/business/14refine.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1210813383-r4FQwUMwXQfWsS1DwfNk/Q

May 14, 2008 20:33

MUDDIEDKNEES
Points:
Join Date: Apr 1, 2008
Status: offline

American oil refiners are losing money with crude oil rising 100% while gas (refined oil) prices rose only 39% during the past year. This is because global crude oil demand is rising much more rapidly than local demand for gasoline and other refined products.

The irony: despite the rising prices at the gas pumps, which are killing average Americans, the oil refiners are still losing money. According to NY Times:

"While large integrated companies, like Exxon Mobil, reported big profits in the first quarter thanks to their oil sales, smaller independent refiners that buy their oil, instead of producing it themselves, have been losing money."

Read further at:
http://www.nytimes.com/2008/05/14/business/14refine.html?_r=1&adxnnl=1&oref=slogin&adxnnlx=1210813383-r4FQwUMwXQfWsS1DwfNk/Q

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