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Originally Posted by fudpuck
Nice. That's just a peak though...it came right back down almost as soon as it went up. It was above $70/bbl for about 4 years according to your chart, and never at that level according to mine. Either way, if prices stay at current levels for an extended period of time, we will be in record territory. Prices have doubled in the last year, and that money is going to profits, not rising costs.
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The problem is lack of refining capacity. There are very few refineries in North America. Companies who own refineries have a right to profit. It is supply and demand. The government should allow new refineries if they want to remedy the situation.