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| Subject: Here is a article on why gas is so expensive | |
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Author: Bev |
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Date Posted: 15:37:46 05/17/07 Thu In reply to: Oropan 's message, "You are all wrong wrong wrong" on 14:50:46 05/17/07 Thu according to the oil industry . It makes little sense they are talking about the cost of refineries etc when they are doing everything possible to drill on the coasts and that costs a bundle to bring on line also . Please note there is nothing about change overs etc on as to why the refineries are shut down . they have come up with the same type lies before however evidently the US average person has a short memory if they cannot remember them using these excuses in the past to goudge people at the pump. http://www.usatoday.com/money/industries/energy/2007-05-15-gas-hearing-usat_N.htm Experts say oil refineries stretched too thin By Barbara Hagenbaugh, USA TODAY WASHINGTON — Record gasoline prices have exposed the shortcomings of the aging U.S. refining system, but there are no quick fixes, a panel of energy experts told lawmakers Tuesday. That suggests gas prices will be vulnerable to refinery outages through the summer. And one expert said gas shortages are possible. "We may have an emergency this summer," Deutsche Bank's lead oil analyst, Paul Sankey, said. Testifying on a day when the U.S. average gasoline price broke a record, not adjusted for inflation, for a third-consecutive day, experts from government and private sectors said refineries are stretched thin, helping to boost prices. There have been a number of refinery shutdowns, both planned and unplanned, in recent months. "The U.S. petroleum industry's infrastructure is unable to cope with increasing demand," Guy Caruso, administrator of the government Energy Information Administration, told members of the Senate Energy and Natural Resources Committee. "The only pressure-relief valve is price." FIND MORE STORIES IN: Tuesday | AAA | Deutsche Bank | Sen. Ron Wyden The U.S. average price for a gallon of regular gasoline was a record $3.087 Tuesday, more than 15 cents higher than a year ago, according to motor club AAA. Building refineries, factories that turn crude oil into gasoline, takes years and costs billions of dollars. Sankey noted oil companies were losing money as recently as 2002, providing a disincentive for investments. Plus, there's a shortage of energy workers, prices are high for raw materials for building, such as steel, and local opposition is often strong. The push for alternative fuels, such as ethanol, is leading firms to question whether gas demand will still be there by the time they get a refinery up and running, Sankey said. But Sen. Ron Wyden, D-Ore., said oil firms have not invested because they know the less gas there is, the higher prices will be. "The oil industry has short-changed investments in refining capacity and they did it … when times were lean and when they were flush," he said. There were 149 U.S. operating refineries 2006, down from 216 in 1986. Companies have expanded existing refineries in that time and have found ways to increase the amount of gasoline they squeeze out of a barrel of oil, according to the American Petroleum Institute, the oil industry's trade group. But although gasoline production has risen, it is still falling short of demand, according to the EIA. The gap is filled by imports. "Americans should be able to expect that those who refine oil into gasoline to do a better job of anticipating demand growth, plan to meet that growth, and then make the necessary investments … to provide the fuel at a cost that has some semblance of stability," Geoff Sundstrom of AAA said. Posted 1d 18h ago E-mail | Save | Print | Reprints & Permissions | To report corrections and clarifications, contact Reader Editor Brent Jones [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Then WHY ISN'T THE DEM CONGRESS DOING SOMETHING ABOUT IT???????? | Oropan | 05:54:20 05/18/07 Fri |
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