|S This first section will focus on a number of important
long-term trends as seen in 2007.
These trends involved demand, feedstocks for refiners, and refinery
profitability – the major drivers for refinery investments.
|SIn particular, we had entered an era of rising crude prices
and increases in the difference in prices between light and heavy crude oil
|SDemand growth and product mix were changing.
|SRefining margins had picked up.
|SAnd some significant policy changes were happening to shift
towards more biofuels and increased energy efficiencies.