U.S. refineries at capacity as gasoline demand rises - June 27, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryJune 2004

Vol. 9, No. 26

Week of June 27, 2004

U.S. refineries at capacity as gasoline demand rises

The United States is reaching a “golden age” of refining, with no new refineries built in nearly three decades as demand for gasoline continues to rise, the president and CEO of Marathon Oil Corp. said June 17.

Clarence Cazalot told oil and gas executives at a conference in Houston that oil companies are making “staying-in-business” investments in existing refineries to meet environmental specifications.

“We believe at Marathon that we are reaching a golden age of U.S. refining,” he said. “The fact of the matter is, there’s not been a new refinery built in the United States since 1976. And that refinery was our refinery in Louisiana.”

High oil and gas prices “have certainly improved everyone’s balance sheets,” Cazalot said, prompting oil companies to pay down debt.

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