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The refining landscape remains dynamic. In the last decade, the industry has gone from rampant dieselization to the tight oil and condensate boom, to king gasoline and unprecedented premiums on the octane-barrel. Today, we find the US as a major product exporter to Latin America, keeping utilization high independent of domestic demand. A simple truth remains: the refiner who remains the most flexible in terms of feed and product slates has remained the most profitable.
