The Impact of Oil Prices

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I couldn't agree with Frank Camera more. I only hope he doesn't drive a Toyota or Hondra Hybrid since those two companies, along with a self-inflictied electricity crisis and the stupidity of term limited Legislatures ended the elctric car, here, in California, NINE years ago!

Kit Wilson of CA 2:03PM July 18, 2008

I have noticed that there are several misconceptions concerning the oil industry. First - NO REFINERIES IN 30 YEARS. Eight years ago I was in Louisiana on another project. When we made a trip to the hardware store, we drove past a large berm. I asked my host "What is it?" He replied "A new oil refinery". Another customer of mine in Holvesta in the Virgin Islands. They have doubled their capacity this year. Last time I checked, St Croix is US territory. Also, in the past 30 years the oil industry has requested permits for only one new refinery, yet has closed old ones. The current refineries are running at 85 to 90%. In this period of high prices, we may not export oil, but we do export refined products. And finally, the oil industry currently has over 60 million acres under lease, but have not yet been exploited. One final note, all rigs are in use, which means to drill more, the equipment must be purchased. Add in lead time, more drilling will not add a single barrel in the short term.

Fred Gould of FL 3:45PM July 15, 2008