Comment on the following statement that appeared in The Economist (August 20, 1988, p. 60): ''Those oil producers that have snapped up overseas refineries-Kuwait, Venezuela, Libya and, most recently, Saudi Arabia-can feed the flabbiest of them with dollar-a-barrel crude and make a profit. . . .The majority of OPEC's existing overseas refineries would be scrapped without its own cheap oil to feed them. Both Western European refineries fed by Libyan oil (in West Germany and Italy) and Kuwait's two overseas refineries (in Holland and Denmark) would almost certainly be idle without it.''
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