A lot of folks are trying to make much hay out of the supposed refinery shortage. But the real problem is peak oil. Why should an international oil corporation invest big bucks to expand its refining capacity when soon there won't be enough crude oil?
The refinery shortage is going to resolve itself in the near term by being exposed as a "crude oil shortage". World oil production peaked in May 2005, and it has been all downhill
since then. not a very steep decline, but a decline nevertheless. It remains to be seen if May 2005 was "it", or a bump on a plateau, but in this case it is best to not bet against Mother Nature nor the Laws of Thermodynamics.
Bob Waldrop, OKC
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