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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: GaAs52 who wrote (91615)10/8/2007 9:05:39 AM
From: ChanceIs  Read Replies (1) of 206093
 
>>>U.S. oil refineries are running at 87.5 percent of capacity, according to the U.S. Energy Department. The only time rates were lower for this time of year was in 2005, when Hurricanes Katrina and Rita slammed the Gulf Coast. Crude-oil demand is falling this month because refiners have scheduled maintenance during a lull in fuel sales.<<<

Oh my.

Just six short months ago I sat in an emergency Senate Energy Committee hearing on gasoline prices. An analyst from Deustch Bank (Paul XXXX) stated that gasoline was up due to the weak dollar, BRIC rising gasoline consumption, years and years of relatively low refining margins because of the overbuild in the early '80s and rising crude prices. Sen Ron Wyden took all of that in, then bared his teeth and barked at Paul saying, "I know that you are DELIBERATELY NOT BUILDING REFINERIES in order to keep gasoline supply down and prices high."

What a difference a few short months make. Is Sen Wyden in there trying to take back some of the tax incentives from the '05 Energy Bill which would led to more infrastructure??? I bet he is.

If you believe that peak oil is in the rear view (I do) than isn't it absurd to build more refineries?? We have all we need to handle the current production, and that production has rolled over.

I don't follow refining too closely, but I don't think there have been any takers on "W's" offer to build on old military bases.
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