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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 389.05

+0.4%

Dec 10 4:00 PM EST

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To: maceng2 who wrote (1334)	10/21/2005 6:04:45 PM
From: Elroy Jetson	Read Replies (2) of 218382

There is plenty of oil containing higher levels of sulfur, which is not being produced. It is not produced because few refineries have made the $3 billion dollar upgrade required to handle this sour crude so the crude goes unsold. Shell Oil has agreed to accept an investment from Saudi Arabia, in their Motiva refinery in Port Arthur Texas, to upgrade the refinery to accept sour crude from Saudi Arabia which currently has no buyers. China has built a number of new Sour Crude refineries because other nations currently have the low sulfur crude under contract. If oil companies wanted to destroy their profit margin on both crude oil and refined products, they could invest $80 billion on refinery expansion and upgrades. But there is no business reason to do this, and every reason not to. .

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