09-02-2005, 10:46 AM
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Confirmed User
Industry Role:
Join Date: Oct 2002
Location: Toronto, ON
Posts: 5,247
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Quote:
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Originally Posted by rebel23
As I said, there is plenty of oil, just not enough refineries to refine high grade stuff. US refineries are not upgrading and can only cope mainly with light sweet crude. Hopefully they will upgrade or build new refeneries if the EPA allows them to and the price will come down. Your also forgetting that demand is elastic, it too will go up and down.
The extent of oils finity is not truely known, I will not proffer an opinion on such a meaningless subject, I will leave that to those who have been brandishing charts and such like for over 40 years to come to their alarmist opinions. Meanwhile, oil exploration continues to rise in, Africa, Russia, Asia and parts of the middle east.
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There is not plenty of oil. Major oil fields around the world are depleting and very little is being found to replace them. Oil exploration is becoming less fruitful every year. We currently consume 6 barrels of oil for every barrel we find.
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