Limited refinery capacity is NOT causing high crude oil prices.
It might cause higher gasoline or diesel prices proportionate to raw crude - IF it were really the bottleneck, but if the crude is truly flowing from the wellhead like some would have everyone believe, crude would be dropping not still going up.
I posted a copy of the metered production of a local gas/oil field near here a while back - none of the "there is no shortage of crude" camp seemed to have anything to say about it...
I say oil/gas is a non-renewable resource and it IS being depleted. I am sure there IS more out there - and I am sure it IS going to be depleted, too...
The only questions are how much is still out there - and how soon will it be gone.
The increase in '03 in oil production was because oil companies began injecting high pressure CO2 back into the ground to help extract the remaining oil...
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Today's Featured Article - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
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