Bob Said: Same seems to hold true about refineries. My understanding is that they are presently working at 98-99% of capacity and it isn't enough.

Even that is an understatement. Engineering guides are being exceeded on a regular basis. It seems as if you can push a few more barrels then the 'limit' is raised. Shortly there after THAT limit is pushed and the cycle keeps going well beyond safe limits. And yes, failures DO occur. Plus MANY refineries are chasing the market on production. In my experience chasing the market you never win in the long term.
Refineries in the recent past devoured each other in order to gain market share. I have seen many closures and to add to the problem are tougher environmental laws pushing the industry off US soil where regulations are lax or non-existent. Add to that the desire for cheap human recourses in third world countries where desperate people can be fully exploited, I think Paul Sax is a strong supporter of this business philosophy . Ultimately the US looses jobs and finished products. You would expect to see prices drop, or stock prices soar but none of this is occurring. Why? CEO and BOD golden parachutes, 20M bonuses, etc. The oil industry is a ruthless place. It sure made me a good living, but stress took its toll.

Oh, Nevermind... I'm retired who cares anyway?