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Reading Summary: Refining Oil Stormy Petrol.docx

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Geography 3422A/B
Milford Green

Refining Oil, Stormy Petrol 11/13/2012 10:29:00 AM Highlights:  What refiners pay for oil has fallen even as petrol and diesel stay pricey  In the 1970s oil companies thought that the world’s thirst for fuel to power big cars would rise forever and built the refineries to match that prediction o Oil demand in the rich world has peaked and is falling, leaving the industry with massive overcapacity  Competition from the Middle East, China and India is intensifying o Their big, new refineries outperform older ones in Europe and America, despite investment in upgrading o Refined fuel can be shunted around the world as readily as crude and trade in it has increased steadily  The capacity glut is causing casualties on both sides of the Atlantic
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