Reduction of Global Gas Subsidies Stands to Benefit Refiners

6/13 - "In case you’ve never heard the term before, the crack spread is the difference between the price of crude oil and the value of the petroleum products that refiners can make from it. The crack spread can widen or narrow over time, depending upon various combinations of supply and demand...Right now, the crack spread is narrowing. In fact, it has been for some time as governments around the world and gasoline companies actually try to hold down the pain motorists feel at the pump."

"But we can also see another scenario, one that’s very different. Peering into our crystal ball, we can see a situation in which the crack spread begins to widen, and gasoline prices run away anyway - eventually reaching $7 or even $9 a gallon."

"...pressure is escalating globally for countries to end the subsidies the world economy can ill-afford...As I hinted earlier, this chan...