For the next ten to fifteen minutes, I would like to focus on the changing world of hydrocarbons and what the implications are for the fuels business, with a major emphasis on refining.Our world is changing, but that does not mean that the outlook for all refining is bleak. Nor does it mean that there are no opportunities for margin growth. It does mean, however, that access to margin expansion will be structural and probably expensive. It does also mean that over the next 20 years there will be winners and losers in the refining business.
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