AMID PRODUCTION DECLINES, WEST COAST REFINERS COPE WITH UNCERTAINTY OF 'SUBSTITUTE'

摘要

With the supply dislocations caused by hurricanes Rita and Katrina, West Coast refining margins last year were around 40% better than five-year averages, particularly in California. Seven refiners - Shell, BP, Tesoro, ConocoPhillips, ChevronTexaco, Valero and ExxonMobil-control more than 95% of the state's refining capacity and each saw higher-than average margins (right). But even with a hold on the California market, some question how long this can last.