Are U.S. Oil Refineries showing corporate greed by intentionally reducing production?
While it is clear that Ike and Gustav impacted Gulf refineries, it is also clear that the oil companies are intentionally reducing the refining capacity prior to and independent of these storms because of falling demand. While “market forces” should be encouraging full production with still near-record high prices on gas in the US, the oil companies want to ensure inflated prices. “As of September 26, 10 refineries were running at a reduced rate. As of September 26, the Colonial and Plantation product pipelines continue to operate at reduced rates.” http://tonto.eia.doe.gov/oog/special/hurricanes/gustav_092608.html “The most recent Energy Information Administration data for the week ending September 12, immediately before landfall of Hurricane Ike, show that U.S. crude oil refinery inputs averaged over 13.2 million barrels per day, down about 0.2 million barrels per day from the previous week’s average. … But after the storm, initial infrastructure assessments showed little structura