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Big Oil posted record profits for the first and second quarters of 2003. Are refiners cheating the system?

April 26, 2017big cheating Oil posted profits quarters record refiners

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Big Oil posted record profits for the first and second quarters of 2003. Are refiners cheating the system?

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No, not in our opinion. And not in the opinion of most knowledgeable industry watchers. Sure, Big Oil has enjoyed high refinery margins and have reported to their shareholders that the resulting increased profits were mainly due to “higher West Coast margins”.