Quote:
Originally Posted by xxxRumor
I just saw CNN quoting some arab minister that oil could hit $170 by the end of the summer. Just last week some other or the same arab minister was talking about increasing output to bring the price of a barrel down a bit.
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Actually, there is an Indian super refinery that will come online this fall. It's the biggest in the world. It's main customer is the U.S.. It will be refining all grades of crude. So in actuality, THAT will bring prices down.
There is enough supply in the market. There is not enough refining capacity. Since they oil companies in the U.S. are not investing in new one's. It will, again, be some overseas mofo who cashes in.
