Rashed’s View

While other companies such as Marathon Oil, ConocoPhillips and the largest US refiner Valero are reducing their capital spend, Total – the Italian energy giant – is spending $2.2 billion upgrading their Port Arthur refinery near Houston. Why? Because they think that by the time they finish in 2011, they will be able to refund the cheapest, dirtiest, nastiest crudes – just in time for demand for gasoline and diesel to go up again.