Oil and Gas:
Tesoro's Westfall gives refinery industry's take on gas prices, demand for alternatives
With the summer driving season in full swing, will consumers continue to experience high gas prices at the pump? How much of an effect is the United States' refining capacity having on the price of gas? During today's OnPoint, Lynn Westfall, chief economist of Tesoro Corp., explains why he believes maintenance issues at U.S. refineries have been at the core of this season's high gas prices. Westfall discusses the importance of reaching out internationally in order to meet our refining needs. He explains why the refining industry believes it is not economically viable to build more refineries in the United States to support increasing energy demands. Westfall also discusses how a possible cap on emissions could affect his industry and discusses how the demand for alternative fuel is affecting the oil and refining industries.