|SThe remainder of this presentation will
explain the increases in prices, margins and differentials by addressing four
questions, beginning with what was behind the crude price increase this past
|SThat will be followed by a discussion on the
major drivers behind light-heavy crude oil price spreads in 2004.
|SAs the third bullet indicates, the next
section will explore the role that refinery capacity and the extra volumes of
heavy crude oil may have played. In
2004, concerns were raised that a “mismatch” between the type of crude oil
available and refinery capacity to use that crude oil was having significant
|SAnd finally, the presentation will explore
refinery margins and what all of these findings imply for the future.