Gas Prices Rise on Refineries’ Record Failures

[LibertyEagle]

http://www.nytimes.com/2007/07/22/business/22refine.html?ei=5065&en=652e82b4f396b467&ex=1185681600&partner=MYWAY&pagewanted=print


Oil refineries across the country have been plagued by a record number of fires, power failures, leaks, spills and breakdowns this year, causing dozens of them to shut down temporarily or trim production. The disruptions are helping to drive gasoline prices to highs not seen since last summer’s records.


No refineries have been built in the United States in over three decades, because refiners say they are too costly. Instead, they have been expanding their existing refineries.

I find this curious, at best. Profits are at an all-time high, they should be building new refineries.

[WannaBfree]

From what I understand, nobody wants to invest the billions required because the outlook for oil supplies isn't looking positive. Output from Ghawar, the world's largest oil field in Saudi Arabia, appears to be declining. Meanwhile, demand for oil increases as China and India modernize. All those bikes that we remember from old newsclips are being replaced with automobiles.


http://chinadigitaltimes.net/beijing%20traffic.jpg
China today


We can expect higher oil prices as the supply/demand ratio worsens (I think we are using 5 barrels for every new one we are finding). Besides gas prices, this will also affect the price of anything that is:

•made with petroleum
•made using energy from petroleum
•transported using petroleum

In other words, everything. The decline in the purchasing power of the dollar will only make the situation worse.

article: Trouble in the World's Largest Oil Field-Ghawar
http://www.energybulletin.net/1269.html

article: $100 Oil May Be Months Away
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYjwn7IqTlHQ&refer=home


http://www.eia.doe.gov/emeu/international/crude1.jpg

P.S. many feel they can safeguard against high prices by transferring fiat assets to gold and silver. Getting out of debt is highly recommended as well.

[Scribbler de Stebbing]

Something here smacks of Atlass Shrugged. I realize the oil industry is not nationalized, but the incredible and growing regulation on the refineries puts it damn close. It's not easy switching between all the formulations season by season. The ethanol mandates are not good on efficiency or equipment. War is rough on the prices already. There needs to be enough incentive in refining the oil to sink money into repairs and maintenance.

[WannaBfree]

gold prices in US$, 2000 to present:

http://www.kitco.com/LFgif/au00-pres.gif

[buffalokid777]

Something here smacks of Atlass Shrugged. I realize the oil industry is not nationalized, but the incredible and growing regulation on the refineries puts it damn close. It's not easy switching between all the formulations season by season. The ethanol mandates are not good on efficiency or equipment. War is rough on the prices already. There needs to be enough incentive in refining the oil to sink money into repairs and maintenance.

I don't think any of those factor in.

What is going on now is the kind of things of things the Rockefellers have been doing for a century, they are monoply men, not free makrket people.

They've been buying private refinaries for years just to shut them down.

Big oil was drawing up plans for Iraq years before we went in there (See BBC Reporter Greg Palast's book Armed Madhouse)

The Rockefellers wanted the Oil cut off from Iraq for years...Sadaam was pumping too much.

Sure enough Iraq is now pumping less oil than before the war.

Also add in our Devaluing dollar which further adds to the upward pressure on Oil.

I think that's why prices are going upward like they are.

Sounds just like a Rockefeller plan if I ever heard one.

Add in this,

http://www.youtube.com/watch?v=BbnpN07J_zg

for a little insight on how the Rockefeller's get their way.

[freelance]

Something here smacks of Atlass Shrugged.

Just about everything these days smacks of Atlas Shrugged. I just reread it a year ago, and I'm about to reread it again. Problem is, there goes a week of my life.

BTW, Scribbling, didn't you used to post (actually moderate a section--the for pay section) of a forum a couple of years ago?

[DjLoTi]

We have more oil in America then the entire middle east combined in Colorado, Wyoming, Utah, Arizona, Alaska, ect. ect.

We can make 20-30$ barrels of oil here at home right now. Personally, I think they want to deplete the oil around the world so we will be the country with all the oil. Of course, technology is making oil obsolete. So I dunno.