For the better part of this past year oil producers and refiners have blamed each other for soaring gas prices. Congress is threatening action. The auto industry is reeling. And consumers are now paying prices that approach levels sustained immediately after Hurricane Katrina. As it turns out, one culprit is that refiners have seen a record number of fires, leaks, breakdowns and spills--causing dozens of them to shut down or to scale back production. Refiners are running roughly 5 percent below their production last year. "The New York Times" examines the failing infrastructure in the industry. While Internet blogs have been buzzing about greed and collusion within the industry, analysts generally agree that refiners have every incentive to run at full production.
Record Refinery Failures Push Gas Prices Skyward
For the better part of this past year oil producers and refiners have blamed each other for soaring gas prices. Congress is threatening action. The auto industry is reeling. And consumers are now paying prices that approach levels sustained immediately after Hurricane Katrina. As it turns out, one culprit is that refiners have seen a […]
