Burning Out :A slump in Western refineries

A slump in Western refineries

The chimney stacks along the St. Nicolaas beach on Aruba no longer belch smoke into the luminous tropical air. After 60 years of refining more than 6.5 billion bbl. of crude, including 1 out of every 16 bbl. of aircraft fuel used by Allied forces in World War II, Exxon's Lago refinery, once the largest in the world, will shut down this week. The closing marks the end of an era in the world oil industry and spells trouble for the 70-sq.-mi. Caribbean island. The refinery has provided Aruba with more than half its annual income for better than two generations....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!