Originally Posted by gloopy

Isn't the refinery "crude neutral" though?

IOW it doesn't matter what crude is or what we gain or lose on hedges as that is separate from the refinery. Its purpose was to reduce the crack spread/refining costs, and nothing crude does effects that. To that end, isn't it still a success?

If lower oil prices result in lower fuel prices, won't that increase demand for fuel? Won't increased fuel demand result in more fuel needing to be refined? So flooding the market with cheap gas means you have to refine more gas. We now own and control that part of the bottleneck, and control it at a huge discount in our favor.

It was never designed to be an "oil hedge" or to "make a profit" it was done to lower risk and insure a reliable cheap supply. Hasn't it done that wonderfully?