The EU said the sanctions prohibit the import, purchase and transport of Iranian crude oil and petroleum products as well as related finance and insurance.
This unit also includes the buying, selling and transporting of crude oil and petroleum products.
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Refineries profit from the difference between crude oil and refined products, such as gasoline.
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The wider the spread between crude oil and refined products, the more profitable refiners are.
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Growth in U.S. real imports slowed to about 3 percent in 2006, in part reflecting a drop in real terms in imports of crude oil and petroleum products.
There currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their import of Iranian oil, taking into account current estimates of demand, increased production by countries other than Iran, inventories of crude oil and petroleum products, and available strategic petroleum reserves.
Another top buy was Calumet Specialty Products Partners, an Indianapolis-based refiner of crude oil into fuels and products for lubrication and paints.
Place a tariff on imported crude oil and finished petroleum products.
Another top buy was Calumet Specialty Products Partners (nasdaq: CLMT - news - people ), an Indianapolis-based refiner of crude oil into fuels and products for lubrication and paints.
Specifically, Icahn cited widening crack spreads, or the difference between crude oil prices and the price petroleum products that come from refining the crude.
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Pipelines uneventfully transport millions of barrels of crude oil, refined products and distillates each and every day, which according to government estimates, accounts for approximately 65% of all energy supplies used on a daily basis.
Valero Energy , a refiner that processes lower quality crude oil into products like gasoline and jet fuel.
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Another major commodity imported into the port is bulk oil, both crude and refined products as well as chemicals.
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The crack spread is the difference between the prices paid for crude oil and the price of refined products.
Downstream activities generally refer to the refining of crude oil and distributing its by-products including gasoline, natural gas, LPG and diesel.
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"Even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers, '" the Commission said.
With lower demand, the prices for upstream products such as crude oil and natural gas have remained largely subdued over 2012, leading to lower price realization for Exxon.
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Hess Corporation, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products, electricity.
ConocoPhillips refines crude oil into petroleum products such as gasoline, distillates and aviation fuels.
The White House has argued that crude oil, despite its high price, is plentiful and that prices for gasoline and other petroleum products are high because refinery capacity is low.
The White House has argued that crude oil, despite its high price, is plentiful, and that gas prices and prices for other petroleum products are high because domestic producers cannot refine their crude supplies quickly enough.
The prices of refined products like diesel, gasoline and jet fuel, might increase much more sharply than crude-oil futures because of the refining belt that runs along the Gulf.
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