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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (38935)	10/11/2005 1:45:41 PM
From: patron_anejo_por_favor	Read Replies (5) \| Respond to of 116555

That's horseshit. If refining had been a great, profitable business, refineries would have proliferated. They haven't, so they got shuttered and not replaced. There's been a debate in Arizona about building a refinery near Phoenix for as long as I've lived here. It never gets built because environmental restrictions and construction costs keep making it an unsound investment, and the only thing that'll change that is higher crack spreads and higher refining margins. And look where that memo comes from, Santa Monica, home of the whackiest NIMBY's in the West.....<NG> The cure for high gas prices IS high gas prices. Not windfall profits taxes, not rationing. Conservation measures would help, but that involves pain, and politicians are too wimpy to suggest that solution. Maybe the problem really lies with the clowns who bought SUV's in record numbers for the last 10 years....again, <NG>