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Refining Earnings Show Why Biden Can’t Easily Cut Gas Prices

Por: MarketWatch Business November 01, 2022

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The fourth quarter is shaping up to be another strong one, with refiners expecting strong demand and tight supply to keep profits high. Supplies of gasoline aren’t growing fast enough to force prices down quickly. The refiners are already using almost all of their capacity and there’s not much new U.S. refining capacity on the horizon. Marathon used 98% of its capacity in the quarter, versus 93% a year ago; Phillips’ crude utilization rose... + full article



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