From Bloomberg:
Difficulties securing regulatory approval to expand refinery capacity are a greater barrier to increasing the US supply of gasoline and other fuels than the availability of crude oil, Exxon Mobil CEO Raymond said.
Wow, it took 2 hurricanes for this to be a news item? Even little old me has been talkin about this stuff for months! As always though, once a story hits the major wires, a decent chunk of the stock price moves are usually over. This makes me a little short-term bearish on my lovable refinery construction stocks; still longer term very bullish.
