Refining margins improved nearly across the board last quarter.

该公司上季度炼油利润全面提高。

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Refining margins, having touched $4.50 a barrel, are down to one-tenth of that and still falling.

炼油的利润，曾一度达到4.5美元一桶，现在却跌落至以前的十分之一且仍在继续下跌。

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Current refining margins are not high but have moved off their recent lows and look reasonably healthy from a longer term perspective.

目前的炼油利润率不高，但已弹离近期低点，而且从较长远角度来看也是相当稳健的。

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However, net earnings from downstream operations could potentially suffer because of low refining margins.

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If increased operating costs lowers refining margins, then it could possibly justify the haircut in stock value.

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Despite tight gasoline supplies and record refining margins, no new refinery has been built in America for 20 years.

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