101 - The rapid run-up in oil prices over the last two...

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The rapid run-up in oil prices over the last two years has translated into a boon for refiners after many years of meager returns. This year, the refining margin - the difference between the cost of buying crude oil and selling refined end products - has exceeded $20 a barrel, far above the long- term average of $6. That has meant record profits for oil companies and refiners and above- average stock performance on Wall Street. "Oil companies have jacked up gasoline prices through a simple mechanism: reducing inventories and refining capacity," said Jamie Court, president of the Foundation for Taxpayer and Consumer Rights, an advocacy group, whose views are widely shared by industry opponents. http://shellfacts.com/article.php?id=337 Polution from refinerysRefinery pollution impacts have often been considered  "toxic hot spot" problems in Texas and Louisiana where 50% are  concentrated. But refineries are creating a national public health crisis. In  thirty-six states and 125 U.S. cities, more than 67 million people breathe air 
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This note was uploaded on 11/25/2009 for the course PETE Pete taught by Professor Sstaff during the Spring '09 term at University of Louisiana at Lafayette.

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101 - The rapid run-up in oil prices over the last two...

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