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Shock and Oil
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Our businesses, large and small, buy oil to produce fuels and petrochemicals that are the building blocks of everything from plastics to clothing to medicine to computers. High oil prices increase our costs, which is why refining margins have declined over the past two quarters, with some companies even taking losses.
Refiners are, indeed, massively expanding capacity at existing facilities, but that's been ongoing, equivalent in size, on the aggregate, to one new large-scale refinery each year. Expansions, upgrades, environmental modifications and new efficiencies are where billions of dollars in profits are reinvested every year.
CHARLES T. DREVNA
President
National Petrochemical
and Refiners Association
Washington
