Rising oil prices hurt Calumet profit

Calumet Specialty Products Partners LP reported yesterday that fourth-quarter profit plummeted to $7.8 million from $32.1 million a year earlier.

The Indianapolis company said oil prices increased faster than it could raise prices on the lubricants, fuel and other products it refines.

For the year, Calumet had profit of $82.9 million compared to $95.6 million in 2006.

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