Global Refinery Crisis

I´ve been bulllish on Graham (GHM) for quite some time, and was therefore thrilled to see this recent article about the global refinery crisis.

You can access the full article at this link:
http://www.resourceinvestor.com/pebble.asp?relid=15460

Some of my favorite quotes include:

“Investment is coming,” Wittner pointed out. “We are starting to see this happening already. In U.S. and Europe it is all expansions of existing refineries: Conoco Phillips and Valero in the U.S.A. have announced some expansions, so did Repsol in Europe. Plus there are a whole host of refinery expansions and green field refineries in various stages of planning in the Middle East and Asia.”

“There is a time lag of two to four years with expansions and a new refinery can take five to eight years. It is important to remember the time lags. We are basically just at the beginning of a wave of expansions and additions to capacity,” said Wittner.