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Shortage of crude? No there is a good amount.
The bottle neck is lack of refinery capasity. We have not built a new refinery in over 30 years.
Second problem. Every state requires a different standard for gas. This makes refineing difficult and inefficient. We need to standardize.
Third problem The big 3 lag behind their foreign competion in terms of economy. Yes they each have a few examples of efficient vehicles but apple to apple they come up short.
fourth problem. Americans are flat out wasteful. Horse power horse power horse power. We want big engines. Well all those ponies love to drink the gas.
Houses are poorly insulated, antiquated heating systems and we make very poor use of free power. Wind and solar.
Go visit a so called third world country if you want a lesson in conservation. Thailand. Nothing is wasted.
While I'm the last one to want to drill for more oil since it's a sugar pill solution for the US addiction, I wonder if that would at all help the economy in that part of the country.
The poorest part of the country are the Lakota reservations in SD because there is not much in the way of industry or even really tourism in that area. I don't know how far away from the reservations the proposed drilling area is (on a map, it looks much closer), but perhaps that could help funnel more jobs into that part of the country? A temporary measure, to be sure, but I have friends out there with TFA and it's worse poverty than even the worst ghettos of the inner cities.
But exxon is not the largest money maker in revenues to money spent. Petrobas in Brizil made like27% profit. Exxon like 6.7%. Exxon is really not that good in profits. If it were then their stocks wuld be high and going crazy. look at the markets and you will see that exxon is relavively low and no big deal. They also have to have huge reserves because of the risk of drilling for oil int areas like teh gulf of mexico.It was like looking at GM ewhen truck sales were big but now they suddenly are loseing money.
The good old US of A has put so many restrictions on oil refineries that there have been no refineries built in the last 20 years. They are getting ready to build a refinery in Elk Point South Dakota. The cost??? In order to meet the requirements? $10 billion. That ain't going to help the cost of fuel.
However, with the current demand, and the fact that about 70% of our current wells are capped and not producing squat. The refineries are full. They can't take anymore oil. They are operating at max capacity and have crude trucks backed up for blocks. Pipelines are full. The refinery is maxed out and has plenty waiting to be refined.
So if we drill new wells, in South Dakota or wherever, what are we going to do with those wells? Cap them and wait for more refineries to be built.
I, personally, believe that they should relax some standards that they've put into place so we can get through this gas crunch. (Cost wise) That would allow more refineries to be built. Then, allow them to be built with the understanding that they will meet current standards over a 10 year period.
Obvious you are not aware of the expnsion of refineries now being built. In my area alone there is 15 billn dollars in expansion that will double production. It will in all take 10 years to complete. That 15 million is a projected cost but they maybe higher. Then in Louisana there are the marithon oil expansion. There is not going to be any new refineries as they will not be needed because evenually product will go down with crude suppiles so it makes no sense in the long run. no one can estimate the time or cost to built a new refinery.I also expect that has cost of gas goes up consumption will go down in the US. Refining capacity is no long looked at by nation but world capacity.
Obvious you are not aware of the expnsion of refineries now being built. In my area alone there is 15 billn dollars in expansion that will double production. It will in all take 10 years to complete. That 15 million is a projected cost but they maybe higher. Then in Louisana there are the marithon oil expansion. There is not going to be any new refineries as they will not be needed because evenually product will go down with crude suppiles so it makes no sense in the long run. no one can estimate the time or cost to built a new refinery.I also expect that has cost of gas goes up consumption will go down in the US. Refining capacity is no long looked at by nation but world capacity.
How is it obvious that I'm not aware? I am well aware of expansion. We haven't built anything new in over 20 years. And you yourself say that it's going to be another 10 before we get any relief.
They should have been expanding and building new, 15 years ago. We wouldn't be in this jamb.
Only is that's where oil and/or natural gas is. Of course. Our natiion depends upon it for energy independence.
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