Publications: Notes at the Margin

Sharing the Revenue: Refiners Win, Crude Producers Lose (February 6, 2023)


It is an age-old battle. Absent vertical integration, raw materials producers fight with the firms processing their output over revenue distribution. Farmers, for example, have fought grain elevator owners, trading companies, and mills for centuries. Miners have fought smelters. Today, a war is ongoing between crude oil producers and refiners, one that began after the multinationals divested most of their refining assets. Last week, the news made it clear that the refiners are winning and the producers (“oil farmers”) are losing.


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