Another U.S. refinery takes the plunge. Chevron Corp. says it will cut by at least one-third the crude capacity of its 315,300 b/cd plant at Port Arthur, Tex. The announcement, sixth in the past 6 months, brings to 370,000 b/d the amount of U.S. refining capacity tagged for cut or closure. In times past, wholesale refinery trimming would have raised alarms in the nation's capital. This one should, too. As a matter of security, a major industrial country ought to possess crude capacity sufficient to meet its demand for petroleum products. The U.S. hasn't satisfied that rosy standard since 1984. After the recently announced cuts, refining capa...

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