Good times ahead for US refiners investing to survive

Good times lie ahead for US refiners. But there's a catch: Only survivors will enjoy them.Another catch: Fuel consumers won't like what's in store for prices of gasoline and diesel."All of the positive implications of the low-sulfur regulations on the US refining industry involve losses of supply to US consumers and the positive effect on refining margins," says Fitch Ratings Ltd. analyst Bryan Caviness.Compliance deadlines loom for new transport-fuel sulfur specifications.Sulfur in gasoline has to fall from 300 ppm now to 120 ppm in 2004 and 30 ppm in 2006.In highway diesel, sulfur has to plummet from 500 ppm to 15 ppm by 2006. The sulfur content of offroad diesel probably wi...

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