The Fire Sale of financial assets is proceeding ahead all over the world. Even Japan´s Nikkei fell 10% today. Panic is everywhere, big investors are selling and putting their money in government paper.
Tesoro Refineries is under 10 $ and the whole outfit worth less than 1 Billion. With 200 M someone could grab that corporation. But Bloomberg informs that some U.S. refiners may be forced to shut plants and go out of business in coming months as declining demand aggravates narrowing fuel-production margins.
``There will be some real fire sales,'' said G. from SunCor the world's second-largest oil-sands producer. ``We should actually see some U.S. refiners shut down. Some of the weaker refiners should go out of business.'' I wonder if at current oil prices that Canadian oil-sands producers are making profit. It is starting to be a real balagan.