From the Wall Street Journal:
"Crude prices slipped below $77 a barrel Thursday after a U.S. government report showed a higher-than-expected increase in oil inventories across the board and a further fall in refinery processing rates."
And now for the money quote:
"...refiners are still struggling due to poor profit margins and are attempting to cut stocks in the face of continued slack demand by trimming back on refinery processing rates with a fall in utilization levels to below 80% of total operating capacity."
So the next time groups like The Heritage Foundation publish claptrap like this, give them the appropriate response: Liar!
Update (11/20/09): Valero to Close Money-Losing Delaware Refinery