Sunoco shuts down a refinery

Actually if you look he's waving his left wing.

 

I wish this was the beginning of the future (aka: everyone driving PHEVs and demand for oil actually diminishing), but I'm sure this is only a result of the recession's affect upon the refining business.

 

oh boy now we can buy even more from OPEC (ugh)

 

Queue the folks who've been screeching for years that we needed to build more new world scale refineries so they could have $1 gas. Oh...well...maybe not.

Refining margins can remain tight for decades if there is oversupply on the gasoline side of things. Hopefully, that is where we are headed, but for different reasons than the last few decades (actual demand destruction this time around.)