Marathon Petroleum (MPC) CEO Gary Heminger says lower oil prices are benefiting his company’s business. Heminger says, ‘If you go back to the fourth quarter and the first part of the current quarter as feedstock costs comes down it should be a benefit to the industry. Crude imports are continuing to be robust. There is a lot of crude in the medium range that’s coming into the gulf coast which is really helping the yield and I think it will be good for the first quarter.’ Heminger says strong demand will likely continue throughout the summer. As for whether the Keystone pipeline should still be built, Heminger said getting oil from Canada to Texas and eventually to Louisiana would be very beneficial. TheStreet’s Rhonda Schaffler reports from the CERA conference in Houston, Texas.
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