Refiners cut back as margins shrink

12/19/2008 | Contra Costa Times (Walnut Creek, Calif.)

Shrinking profit margins have prompted Valero Energy to cut gasoline production at its refineries and Tesoro to reduce capital spending for 2009 by 47%. Since Nov. 1, the futures margin on turning crude into gasoline has averaged a $4-a-barrel loss nationwide, according to Bloomberg.

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Contra Costa Times (Walnut Creek, Calif.)

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