The Rising Influence of Rising Affluence

[OakesCS]

WSJ op-ed which obliquely addresses some of the reasons as to why NE US refineries are going kaput.
http://online.wsj.com/article/SB10001424052970204573704577184730401558626.html?mod=ITP_opinion_0
It helps to realize that not too long ago, the US had something like 70% of the refining capacity in the world. It is now very much lower. Not unrelated: it was also not too long ago that export of industrial chemicals consistently exceeded import - one of few US product categories that was consistently positive on trade balance. Also, no longer true but not particularly difficult to change. The next time you hear folks in the NE belly aching about high gasoline prices relative to their brethren in most of the rest of the US you should point out that they've only their own voting records to blame.