Gasoline prices are displayed at a Phillips 66 station in Moscow Mills, Missouri January 17, 2015. U.S. independent oil refiners, such as Marathon Petroleum and Phillips 66, are shelving projects and tightening budgets, as a global glut of diesel and gasoline erodes profits, ending a golden era of high refining margins. For the past six years, U.S. refiners have spent billions of dollars on expansion, enjoying bumper profits fueled by growing domestic and global demand for gasoline and diesel amid rising supply of domestic crude. Now however, there are signs that the industry is gearing up for leaner times and the belt-tightening could sap demand for crude and potentially derail recent recovery in prices from 12-year lows plumbed early this year. Flint Hills Resources[FHR.UL], a private operator of refineries in Minnesota and Texas owned by the Koch brothers, suspended a multi-million dollar upgrade its desalter due for later this […]