This paper considers the effects of refinery outages (due to planned turn-arounds or unplanned events) on current petroleum product prices and future refinery investment. Empirical evidence on these relationships is mixed and highly dependent on the size and duration of the outage, the...

Perceptions about high U.S. gasoline prices or inexplicable differentials in prices between geographic areas have prompted a range of disparate policy proposals. However, there is a distinct lack of consensus on the cause of undesirable price dynamics. These dynamics are likely to be the product...