The Covid-19 pandemic and the oil crisis have taken a heavy toll on demand for transport fuels such as gasoline and jet fuel leading to severe margin compression for refineries. The situation is not being helped by a cross-section of experts warning that we might already be past peak demand for oil and that ‘Lower Forever’ might be the new norm for oil prices. Faced with this existential crisis, global refiners are being forced to reinvent themselves in a bid to survive. Some, such as Texas-based Phillips 66 (NYSE:PSX), have started…
