Remember the outrage when a handful of U.S. oil refineries closed in 2020?
If you don’t, that’s because there wasn’t any outrage. Oil and gasoline prices were blissfully low and the COVID-19 pandemic dominated the news. Hardly anybody noticed.
Energy investors certainly did, however, because 2020 was one of the worst years in history for energy producers. Exxon Mobil notched the first loss in its history, a gigantic $22 billion write-off. The five biggest U.S. oil refiners — Marathon…
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