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Tilted Cat Head
Administrator
Location: Manhattan, NY
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Quote:
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Originally Posted by james t kirk
yeah, but, the EPA has only received one (1) application from Big oil since the mid seventies to build a refinery, and it was approved.
In addition, big oil is regularly applying for an receiving permits to expand existing refiineries.
Secondly, big oil has been closing down and rationalizing its production over the years to eliminate excess capacity. (Something like 50% of the refineries in North America were closed in the 1990's.)
Excess capacity = more inventory = lower prices = lower profit.
Blaming the environmentalists is somewhat simplistic.
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In reference to building refineries I agree, but what about the CAFE standards which IMO is much more important.
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