The U.S. petroleum refining industry experienced what some have called a "golden age" during the years 2004-2007. During this period, the demand for petroleum products, especially gasoline, increased rapidly both in the United States and world markets. Refiners found favorable price-spreads between heavy and light crude oils, as well as between crude oil and refined products. The industry operated plants at nearly maximum capacity and posted record profit levels. This book examines current production capacity of refineries operating in the U.S. and the sources and changes in crude oil supply; the changing characteristics of petroleum and petroleum product markets and a discussion of the policy and regulatory factors that are likely to affect the structure and performance of the industry during the next decade.