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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (188937)5/21/2004 1:03:00 AM
From: tejek  Read Replies (2) of 1575994
 
I don't know. The Saudis claim there is enough oil; that the US doesn't have enough refineries.......that we haven't built any refineries for 20 years so its our problem. It seems to me that if that were true, the global price of crude would not be higher.......just the price we pay in this country.

If not having enough refineries was the ONLY issue then even the price paid for crude in this country would not have increased much. The price paid for refined products like gasoline, diesel, ect would go up but lack of refineries doesn't make crude more expensive, if anything it would put downward pressure on the price of crude because with fewer refineries there is less demand for crude.

Unfortunately, it is not the only factor effecting the price of crude. The reality is that global production is basically static while global economic growth is increasing.

There is also the psychological factor.........Iraq is essentially considered offline because its production has become so unpredictable.

ted
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