What drove crude prices up in 2004?
What caused the light-heavy crude price
differences to change in the short run?
What role did refinery capacity and heavy
crude oil production play in 2004 light-
heavy crude oil price differentials?
Are higher refinery margins going to
continue in the future & what lies ahead
for refinery capacity?
The final section of the presentation will focus briefly on margins and what all of these findings mean for the future.