FastSaying

The U.S. refinery system has been showing signs of severe tightness. The shut-in of refining capacity from Katrina is then not so much a straw, but rather a large log on top of an already fully laden camel.

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There is just no spare refining capacity around to deal with these losses. We don't have any cushion.
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I think we're on the way to $75. China is still growing, and available refining capacity is tighter.
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Even before Katrina we felt the market was on edge, a very tight market, with very little spare (refining) capacity anywhere along the chain.
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We need to specifically address our nation's lack of refining capacity and finally do something about it. Hurricane Katrina has further underscored the fact that our refining capacity is inadequate.
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