It's been reported that U.S. oil refineries are operating at capacity, and that no new refineries have been built in years.
Yes, I know, there are lots of regulations. But I wonder if the oil industry, quite prudently, isn't well aware that oil is a dead end? After all, it would be dreadfully irresponsible to spend lots of money on a new refinery if the additional capacity wouldn't be needed.
Peak Oil would be of passing interest if it weren't for these reports of higher and higher oil prices. If the price per barrel drops back to $22 for a couple years we will all calm down.
Well, I think I've read and posted on nearly every oil thread that's been on this forum in the last few years, and I see people whom I know are in the oil industry saying the same thing I'm saying:
We aren't going to run out of oil!
Why is it so difficult to believe the people who work in it every day?
We see more production charts, look at more seismic plots and read more trade journals about the oil and gas business in a month than you will in a lifetime.
The reason no new refineries are being built is because it's not economically feasible to install the necessary scrubbers to comply with EPA regulations.
The return on the investment is not there.
I've been in this business for over forty years, and I've never talked to anyone in the business who thought that our worldwide supply of gas and oil was going to end.
There are huge reserves we haven't even tapped yet, both foreign and domestic.
No, oil is used for too many things, forget fuel, think medicine and anything using carbon as a basic building block.
You can start with benezene (eco-wackos hate it) and built just about an organic compound.