A prominent economist with the University of Alberta says now is not the time to add capacity to refining operations and Irving Oil made the right decision to halt plans for its proposed second refinery. Andre Plourde tells CHSJ News more people are buying smaller, fuel efficient and hybrid vehicles--but--adds, that doesn't mean a second refinery won't be a good idea in the future. He says for the most part those actions are short-term.
Plourde says the drop in demand for refined petroleum is cyclical in nature and in the long term there will be a return in increased demand as the economy rebounds from the recession.
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