$2 Gas? We Love It

摘要

Nothing seems to put the brakes on gasoline prices. Not promises by the Saudis to spur production. Not the approaching handover of power in Iraq, where the fear of sabotage and terrorism is adding $6 to $8 a barrel to the price of crude, says William Veno, a research director at Cambridge Energy Research Associates. Americans want their gasoline and are willing to pay for it, up to a point That puts some stress on the system, as well as on pocketbooks. Demand, at an alltime high of 9.1 million bbl. a day, is outstripping the capacity of U.S. refineries. All of which is great news to foreign refiners, which are supplying an unprecedented 10% of our gasoline ― and to domestic guys, as well. In the first quarter downstream (refining and marketing) profits climbed 39% at ExxonMobil and 19% at ConocoPhillips. Valero Energy topped , them all with a 46% gain to $250 million.