Refiners see strong demand, lower margins this year

Refiners expect strong demand for gasoline and other products this year even as profits fall from unusually high 2015 levels, Reuters reports. Representatives from Total, BP and Phillips 66 said at this week’s IHS CERAWeek event refining margins in 2016 would be lower than last year’s. Phillips 66 Chief Economist Horace Hobbs, however, said in an interview he expects strong demand for gasoline amid low pump prices and a surge in sales for SUVs and pickup trucks.