That is something I can't speak intelligently to...but my gut reaction is to doubt it, simpley because "consolidation" in any industry is typically done to achieve economies of scale and increase net production. It may be, in this case, that the oil industry has achieved precisely the opposite...but I want hard proof of it - the actual maintenance schedules, for example, would be a good start.
- as an aside, let me just interject and say that this penalty killing by the Sabres is the best I've ever seen. Holy sh--... -
And I suspect (again, gut feeling) maintenance is a red herring: why on earth would a company take an asset and intentionally make it non-performing with the intent to increase profits and revenue? Something tells me oil doesn't work that way: maintaining a razor-thin margin between supply and demand in a volume business is a good way to get your face ripped off by unexpected events.
It would constitute manipulation, IF
1) the rumors of screwy maintenance schedules are true
2) the intent behind them is malicious. THAT is a very specious assumption; I've heard plenty of rumors, too, about oil companies intentionally not using their entire refinery capacity. Every time I've dug deeper into those rumors, they've reduced to the same thing: refinery capacity is either being reconfigured to use an ethanol summer blend rather than MTBE, or refinery capacity is sitting idle because they can't get ethanol fast enough.