Digger:

The refiners, during the time of high oil prices were losing money. This was due to the fact they purchase oil on the open market, refine it and sell it into the retail market. Simply, while oil was going up, they would buy a barrel of oil at $80.00 They then had to replace that barrel at $93.00 a week later and $100.00 the week after that. They got killed. Now that oil costs have reduced so much, the refiners have the opportunity to recoup their losses and they are proceeding to do so.

At one point last year, the "crack spread" to refine a barrel of oil, shrunk to $3.15 (7.50 cents per gallon) A level which the refining industry was unable to be profitable at. Accordingly, the industry is now taking advantage of the opportunity of to get well.

This of course, will benefit MRC.

Brian