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The Irving refinery plant in Saint John, New Brunswick, on August 27, 2013.
The Irving refinery plant in Saint John, New Brunswick, on August 27, 2013.
(Christinne Muschi For The Globe and Mail)

Oil refiners crushed by collapsing margins

U.S. oil refining margins are in full collapse and profit margins for the country’s refining industry is almost sure to follow.

The ‘crack spread’ is an industry term for the difference between the price of crude and prices for petroleum products, like gasoline and heating oil, that are refined from it. The crack spread is a good gauge of profitability for the oil refining industry.