Caruso questions refining capacity manipulation claims

06/25/2007
The US government’s top energy economist questioned allegations that refiners intentionally reduced oil-processing capacity this year to drive product prices higher.US Energy Information Administration Administrator Guy F. Caruso told the Senate Small Business and Entrepreneurship Committee June 14 that reduced product inventories that extended into May apparently were the result of unplanned refinery unit shutdowns.During a hearing on the impact of higher gasoline prices on small businesses, Caruso explained that refiners schedule maintenance turnarounds in January and February to repair equipment and prepare for the summer driving season.“The companies try to plan this to ma...
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