Hurricanes show oil market isn’t just about crude

10/03/2005
As the second massive hurricane in less than a month plows across producing areas of the Gulf of Mexico and pulls within hours of major US refining centers, the need to adjust thinking about the oil market deserves notice.That market isn’t just about crude oil any more.It never really was, of course. But crude oil got all the attention from the news media and politicians.That demand for crude has expanded enough to test production limits has been an important part the market story for at least a couple of years.Less noticed until recently is that the same story applies to worldwide refining capacity. Demand was testing capacity limits even before Hurricane Katrina slammed refining c...
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