This is something I’ve been banging on about over the years. Refining profits in the US and fracking. The combination of which aid in explaining the weak results from both Exxon and Chevron in the most recent figures.
To set the scene. The US did not allow crude oil exports – largely enough. It did allow exports of refined oil products. Fracking for oil started then grew to substantial size. There was thus lots of crude inside America.…See More