The Normal Crack Spread for Refineries

The normal range for the crack spread is anywhere between $5 and $15 historically, right? That is the price where the refiners crack three barrels of WTI crude oil into two barrels of diesel fuel and one barrel of gasoline. And so that spread has just sort of been trading back and forth at the high end of this historic range between 30 and 40. So as long as you know, refineries are operating with margins that are three or four X, their usual margins, that to me is the tip of the energy iceberg,.