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 - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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