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NOT!!!

"They're also responsible for...The lack of refinery space which caused the price spikes during the hurricane season (which still haven't returned to normal),"

NOT.... in the past twenty five years the Big oil companies have shut down over 170 US oil refineries. From 304(1981) down to 132(2005).. These closed refineries had the capacity to refine in excess of 4 MB/D.

http://www.eia.doe.gov/emeu/cabs/usa.html

In which the DOE blames..

"Much of the decline in U.S. refining capacity resulted from the 1981 deregulation (elimination of price controls and allocations), which effectively removed the major prop from underneath many marginally profitable, often smaller, refineries."

DOE makes no mention of enviromentalists..

In summary...

No matter what... the Oil companies have no desire to build new refineries.

1. They're making loads of profit from the refining shortage and won't screw up something that is making boatloads of profits.

2. They don't want to get stuck paying debt for refinery when they can't get raw materials to keep it in production.. (global peak oil)..

In the End, Big Oil will stall, lie, weasel, whatever.. They just won't build them. Heck, I wouldn't be surprised if they permamently close one or two of those plants damaged by the hurricane Katrina. Meanwhile, expect long delays getting them back online...the profits are just too lucrative to pass up..

(Note: As of Nov 20.. months after the hurricane landfalls, 14% of the lost gulf refining capacity is still off-line. )

Posted by: thetruth_z   Posted on: 11/23/05 You are currently: a Guest | Members login | Terms of Use

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