One point to add is that it is very difficult to build a refinery in America, so adding capacity to address high crack spreads is not going to happen. Given the capacity constraints, there is a risk of supply shocks which add to the risk premium.
One point to add is that it is very difficult to build a refinery in America, so adding capacity to address high crack spreads is not going to happen. Given the capacity constraints, there is a risk of supply shocks which add to the risk premium.
One point to add is that it is very difficult to build a refinery in America, so adding capacity to address high crack spreads is not going to happen. Given the capacity constraints, there is a risk of supply shocks which add to the risk premium.