Crude oil processing capacity of U.S. refiners is shrinking when products demand is rising. In a statistical report for 1992, the American Petroleum Institute said U.S. refinery capacity shrank, pressured by the costs of more stringent product requirements and generally lackluster refining economics. API said, "Over the last several years, gradually deteriorating crude quality and more stringent requirements for gasoline vapor pressure, oxygenated gasoline, and upcoming reductions in allowable sulfur content of diesel fuels have made it necessary to continue upgrading refineries even though overall demand growth has been modest to nonexi...

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