Base oils and additives, the primary building blocks of lubricants, are both in tight supply. But the two industries are moving in different directions. On the base oil side, new re?nery expansions and construction are announced monthly, and gas-to-liquid plants promise to ?ood the market with high-quality base stocks by the end of the decade. Margins between crude oil and re?ned base oil prices have approached record levels. Despite painful disruptions, described in this issue by Tom Glenn on page 40 and Tim Sullivan on page 52, the longer view is encouraging, albeit volatile.