Delta Air Lines Buys an Oil Refinery  | Tue May. 1, 2012 9:10 AM
GMT  Matt Yglesias brings to my attention this morning a deal
announced by Delta Air Lines to buy its very own jet fuel
refining plant. Here's the explanation from Delta's CEO:  While
Delta will remain hostage to fluctuating crude oil costs, the
facility would enable it to save on the cost of refining a
barrel of jet fuel, which is currently more than $2 billion a
year for Delta and has been rising in the wake of U.S. refinery
shutdowns, said Delta Chief Executive Richard Anderson. "What
we're tackling here today is the jet crack spread, which you
cannot hedge in the marketplace effectively," Anderson told
reporters during a phone briefing. "It's the fastest single
growing cost in our book of expense at Delta."  OK, so Delta
thinks refinery profit margins are too high, and they don't feel
like making refinery owners rich at their expense. But then
there's this later in the article:  The refinery is expected to
resume operations in the third quar