A Sinopec gas station stands in front of a Sinopec oil refin

CHINA – FEBRUARY 23: A Sinopec gas station stands in front of a Sinopec oil refinery in Pudong district, Shanghai, China, on February 23, 2006. China Petroleum & Chemical Corp., Asia’s biggest refiner, increased oil processing at the slowest pace in four years in 2006 as record crude prices pushed up raw material costs. (Photo by Kevin Lee/Bloomberg via Getty Images)

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