It's potentially a bigger threat than Katrina because there is more refining capacity in the Houston area. This is a double whammy for the industry it's an amazing thing to contemplate.
Bob Slaughter
83 quotes about refining follow in order of popularity. Be sure to bookmark and share your favorites!
We are refining our strategy for the next round.
Monisha Shah
If it hits the refineries, and we're short refining capacity, you're going to see gasoline prices well over $3 a gallon at the pump.
Bill Greehey
Our much improved earnings resulted largely from the strength of refining margins during the quarter.
Robert Campbell
It's just taking a look and refining the types of information with an eye to certainly reducing the paperwork burden on the carriers if possible.
Clark Bruner
[Tapping the reserve is] not going to make up for the lack of refining capacity, ... but if there is just a problem with oil production in the gulf and not a refining problem, then releasing oil for the reserve will be very helpful.
Stephen Brown
Last week's bearish and pessimistic mood was overdone, considering that almost 900,000 barrels per day of U.S. refining capacity was still down (pre-Rita), and that global product demand is forecast to increase by 3.5 million barrels per day between September and December.
Michael Wittner
Even before Katrina we felt the market was on edge, a very tight market, with very little spare (refining) capacity anywhere along the chain.
Doug Macintyre
There is a real sense of foreboding about the economy now that Katrina has struck with full force. This storm will be the most devastating ever for the U.S. oil and refining industries.
Bernard Baumohl
So there's still a question of how much refining capacity we have after Katrina. The issue right now is how much damage was sustained.
Gary Harris
There might be a little more flexibility in the U.S. refining system than people expected. Plants have been able to churn out more product than initially thought.
Simon Wardell
Our upstream business -- exploration and production -- continues to be the major contributor to overall profits, ... However, the improvement in earnings from the year-ago quarter was largely driven by our U.S. downstream operations -- refining, marketing and transportation.
Dave O'reilly
They were able to increase their refining margins with the fuel-price increases in September. That's the main reason for the huge profit increase.
Lucrecia Tam
The first quarter clearly demonstrated the advantages of having a large, geographically diverse, complex refining system.
Bill Klesse
We're constantly on the look-out for new projects and monitoring the market. We'd like to bolster our core assets, including exploration, refining, processing and retailing assets in the regions where we have a strong presence.
Vagit Alekperov
Texaco was hurt by weakness overseas. Refining margins in Europe and Asia are atrocious -- and Arco (Atlantic Richfield) just doesn't have that exposure [in those markets].
James Falvey
To assure that there is full disclosure of every aspect of the refining and distribution process for wholesale fuel.
Lincoln Chafee
What might have been lost in terms of production and refining capacity was more than made up for by the hurricanes driving oil prices up a couple dollars a barrel.
John Parry
We believe that it is a facility unlike any other in the U.S. refining industry or perhaps the world. We expect to see broad interest in this asset.
David Harpole
We're excited to substantially grow our retail presence because retail margins are counter-cyclical to refining margins, so in the event we experience lower refining margins, retail margins will help stabilize our earnings.
Bill Greehey
Their profitability last year would have taken a hit, if not for the government subsidies. Their refining business has been hurt by high oil prices.
Belle Liang
The recent hurricanes in the Gulf of Mexico highlighted that crude oil prices are following those of gasoline and other refined products. Given our analysis that shows global refining capacity only increasing by 4.3 million bpd (5%) by 2010, we expect this pattern to continue in the coming years, supporting high prices.
Jean Jacques Rousseau
They will set a date to come here to Quincy so that our steering committee can do a presentation. We should probably hear whether we're approved or not sometime in early spring, maybe March or April. Once we do hear of the approval, we'll be going through a refining process.
Patty Douglas
Substantial progress has been made on refining our business model, but there is still more work to be done.
David Wetherell
We're not really exiting the phone business, but refining our strategy, ... Craig Young has assembled a group of people that we were very much attracted to, and so it just seemed the right thing to do.
Ted Rogers
The refinery outages should lead to weak demand for crude oil from the refining sector. It's not crude oil that is in short supply, but gasoline and distillates.
Tobias Merath
We have pretty much our whole team back. With all those players back, it wasn't a teaching year at the beginning of the year, but a refining year.
Teri Cruse
We will continue to do what we do best. We will work on refining that and getting ready for the tournament.
Kevin Renbarger
The real fear is an extended outage. We have notable capacity reductions in the U.S. Gulf Coast production, refining and distribution system.
Kurt Barrow
The answer is not more carrots for the industry, like gutting environmental laws and immunizing companies for the harm they cause, but sticks, such as forcing companies to invest in beefing up refining capacity when it is needed.
Jamie Court
By that point, most of the refining capacity was back on line. You were getting very significant imports from Europe. These are things that knock the legs out from under a market.
John Kingston
They have clearly regained the profits from the refining segment which had dropped in the third quarter.
Jigar Shah
There are other states that don't achieve that much per capita, and we're refining the estimates of what we think is possible with a lottery.
Bill Halter
The market can't be too bearish, as they will also focus on refining capacity constraints in the Gulf of Mexico.
Keiichi Sano
I get excited about what the Holy Spirit is doing now through all the people he is refining and raising up all over this planet. I love connections and relationship and networking but it must be led by the Spirit.
Daniel Smith
Even before the hurricane there was no slack in the refining system, ... Now it's at breaking point. Those refineries will take months to come back online.
Paul Horsnell
She really worked hard over the winter. She added a few new pitches, adding to and refining what she had.
Tom Eagleson
If you've got a loss in refining capacity even if you released oil from the Petroleum Reserve, the fear is that it doesn't have any place to go.
John Kingston
The Linux desktop community is focused and making real movement in adding and refining the capabilities Linux needs to 'just work' on the desktop.
John Cherry
We too are very, very concerned about the impact of high gasoline prices on people. There are some steps that can and should be taken.... But waiving the Clean Air Act is not one of them. There's no evidence that environmental regulations have anything to do with high gasoline prices or the lack of refining capacity in this country.
Kevin Curtis
The best advice is to acknowledge the degree of difficulty some face with energy prices, but then to highlight the significant investments that are made in expanding refining capacity and in exploration and production.
Scott Segal
In the short term, the main market problem at the refining level is the shortage of product, not inputs. It's mostly a problem of product (gasoline), not crude oil.
Antoine Halff
You have to look at the recent rash of mergers in the refining industry. They are not aggressive, but defensive moves to try and somehow form a larger position in the market. But when everyone does the same thing, the effects are soon competed away.
Ben M. Rice
It is unclear when refining capacity will be restored, but it is estimated these refineries will be up in two weeks or so.
Alan Wright
These companies have broken the law of supply and demand with their cartel-like behavior at the refining end.
Judy Dugan
Capacity additions in India pose a threat to future refining margins. If the products don't go west, then they will head to the Asian market and margins will be affected.
Fereidun Fesharaki
The ownership of that terminal will not change. The management of who brings things to that terminal changes. As they come up the Delaware River, they have to go past the largest refining capacity on the East Coast.
Brian Preski
If there's any drawback, it would be in terms of how higher prices would affect the margins in their refining operations -- but that's not an issue now because of capacity constraints we have here in the United States.
Jeb Armstrong
Continued demand growth and a high rate of capacity utilization for production and refining drove crude prices and refining margins to very high levels in the second quarter of 2005.
Thierry Desmarest
There's a national imperative to rebuild that infrastructure, ... We've got half-a-dozen critical industries down there -- shipping, refining, agriculture, aquaculture -- that serve the entire country. But where and how to rebuild the rest of the city, those are politically charged questions that can only be answered down the road.
Bernard Weinstein
We don't want to change anything but more like refining on what we got. It would be better if we were more organized. We could be better in the midfield.
Nathan Waite
The main market driver, as we head into winter heating season in the Northern Hemisphere, will be the massive outage of refining capacity in the U.S. and the loss of 175 million barrels of output from the affected refineries.
Michael Wittner
We want to participate in Saudi Arabia's refining business. We want their help in meeting our energy requirement -- there are crisscross interests involved.
Talmiz Ahmad
They (Reliance) have doubled their refining capacity...and they make it very clear, in the very near future India will take on more of these products and their aim is to trade and to export.... and we will be playing a role there.
Billy Chiu
The threat of scarcity and the potential for infrastructure or throughput damage to refining should cause oil and natural gas prices to spike.
John Herrlin
It seems that crude is suffering because there's little capacity to refine crude. We are missing so much refining capacity now.
David Thurtell
About 10 percent of our refining capacity is shut down, and another 10 percent or so, estimate, could be operating at reduced capacity.
Sara Banaszak
The two worst-case scenarios for the impact on the refining industry would be what happened with Katrina and what looks like could happen with this one.
Bob Slaughter
Looks like they're transforming themselves into an E&P company. But refining should continue to be a big problem in the second quarter.
David Hurd
We continue to refine all the things we do, be it working with retailers or refining things like ticket dispensers.
Rebecca Paul
This is the first day of operation in Kenner. We're going to be refining our process.
Charles Blake
That area is solid with refining capacity. There's an element of panic in the market but that's not surprising given the lack of capacity worldwide at every level, refineries and oil wells.
Gerard Burg
Current market conditions are very strong, and the refinery is expected to attract a great deal of interest. The lack of refining capacity has further enhanced the value.
David Harpole
Winter heating oil and gas oil stocks are comfortable right now, but we've lost a lot of refining capacity in the U.S. It's amazingly bullish. That's the bottom line.
Michael Wittner
The issue is getting refining and processing rates up, particularly in the Gulf. I'm less concerned about the short- term oil supply. Today there is crude oil in the market.
David J. O'reilly
It is true that refining capacity is stretched. It is true that there is a refining bottleneck and it is true the demand increase has been stronger than expected.
Claude Mandil
Everyone has bought BP for its U.S. exposure. It's delivered on that to an extent, but not as much as people had hoped, and now the U.S. environment is easing; refining margins are coming back, gas prices are easing off.
Jon Wright
You won't see the extended flooding flooding that you did in Louisiana, ... You have larger refining capacity but out for a shorter period of time.
Mark Routt
Any resolution to the gasoline problem won't occur in the short term. There's enough crude oil around. The problem is with refining and specifications.
Aaron Kildow
Though crude seems sufficient at the moment it is the refining capacity that is the real bottleneck. Implied demand for refined products indicates a stronger market for crude oil.
Andrew Harrington
The Houston area is ground zero of the refining industry. If it suffers the scope of damage caused to refineries in Louisiana by Katrina, we could see rationing and queues at the gas pump.
Rick Mueller
We still have a refining issue. Refineries in other parts of the country have been able to increase output but they will have to go down later this year for maintenance. Refinery output will then fall below normal.
Joseph Allman
The refining margins are a surprise package. Looks like Reliance might have hedged its crude at a very good price during the year.
Raj Gandhi
Half of the refining industry's capacity is located alongside the Gulf of Mexico.
Thorsten Fischer
The question becomes, well, where do you get the product to fill the pipeline? ... The system was basically running full- out before the storm to supply the market and now we've lost nearly 10 percent of the (U.S.) refining capacity.
Jay Wilson
Only by actually reaping some of the companies' windfall for American motorists and regulating the refining business can this oil company profiteering be brought under control.
Judy Dugan
December set the stage for what we plan to realize in 1999. We are now expanding our truck offerings and refining our car mix -- it's a rich portfolio designed and engineered to score with customers.
Roy Roberts
The market is well supplied - actually it is in balance. After Katrina, everybody offered crude but the refining capacity was not there to cope with it.
Edmund Daukoru
The talk of an increase is mainly to give comfort to the market. It is refining capacity we have to worry about.
Edmund Daukoru
If this thing knocks out significant quantities of refining capacity ... we're going to be in deep, dark trouble.
Ed Silliere
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