Steve, who wrote that?!?! I fully plan to pass that on and like to give credit where credit is due.
The refiners on the East Coast are being told that Obama killing the Keystone pipeline just did them in, but others are suggesting that indeed it is exactly the opposite. That the pipeline straight to Texas would have nudged them out of profitability even faster.
Oil and refining are dinosaurs and will die off, the way it is happening seems out of keeping with a systemic die off. I would feel better about the whole thing if it looked inevitable, as in there was a new technology found that made it clear oil was dying now as opposed to it seems to be dying even while still needed and fought over. The other suggestion was that the “new” replacement was natural gas and the death of refining was inevitbale due to that.