WORLD OIL: New Lighter Sweet Shale Oil Punishes Refiners.

http://www.reuters.com/article/2012/07/19/us-oil-refineries-shale-idUSBRE86I0J220120719
         ANALYSIS


       In the past decade...global oil refiners bet big that new fuel finds would heavier and sour.
       So they invested over $100 billion to install equipment to turn that heavy crude into refined products.
       But...new shale oil finds are lighter and of higher quality...with less sulfur.
       Now...refiners are losing that infrastructure bet...big.