Those "historical profits" typically go to the CEOs and shareholders, not for new refineries.
Snip: Petroleum refineries are expensive facilities, with capital costs ranging from about $2 billion to $4 billion, depending on their size, capabilities, and location. Industry studies suggest that obtaining the necessary approvals and financing typically takes several years and that construction usually takes more than five years. Given the lead times for planning such a facility, CBO expects that near-term costs would primarily be for planning and siting a facility, with construction-related expenditures beginning in 2010. Thus, assuming the President chooses to build a refinery and that the necessary amounts are appropriated, CBO estimates that implementing this project would cost about $275 million over the 2006-2010 period for planning and preconstruction activities and a total of at least $2 billion over the 10-year period.
Snip: Nervous about facing voter outrage in next year’s congressional elections, some Republicans asked the industry to increase production and ease back prices. But reports indicate that, even after the recent hurricanes wrecked a significant chunk of the nation’s oil refineries, the oil companies are in no rush to build new refineries. Gheit commented, “Exxon is a good corporate citizen but it does not work for the welfare of the country.”
Miranshah, 7 Dec. (AKI/DAWN) - The authorities in North Waziristan, the tribal areas that lie on the border between Pakistan and Afghanistan, have not been able to trace the whereabouts of a local journalist who was kidnapped on Monday, but have said that the Taliban could be involved in the kidnapping of Hayatullah Khan. Hayatullah, a correspondent for an Islamabad newspaper and contributor to a German wire service, is also the nephew of Haji Mohammad Siddiq, the owner of the home in Waziristan which is believed to have been hit in a missile attack last Wednesday in which the al-Qaeda leader Hamza Rabia was allegedly killed.
Speaking to a delegation from the Tribal Union of Journalists on Tuesday, a tribal official from the North Waziristan Agency, Zaheerul Islam, said that although investigators had not yet reached any conclusions, it was possible that “Taliban elements” had a hand in the kidnapping of Hayatullah Khan.
Islam told journalists that investigations were underway to trace the whereabouts of Hayatullah and promised them that the government would provide security to local journalists and enable them to continue their professional duties.
Haji Mohammad Siddiq has been summoned for questioning by the local authorities after last Wednesday's attack.
According to Pakistani officials, the al-Qaeda leader, Hamza Rabia, and four others were killed while they were handling explosives on Wednesday night, while US news reports said he was killed by a US missile attack. According to US intelligence officials, Hamza Rabia, an Egyptian, was a close associate of al-Qaeda number two Ayman al-Zawahiri, who is wanted in connection with the September 11, 2001 terrorist attacks in the United States. Reports also suggest that Hamza Rabia had replaced Abu Faraj al Libbi, another al-Qaeda leader who was captured in Pakistan in May.
Officials and sources within the the journalist's family have said that unidentified gunmen kidnapped Hayatullah near the town of Mirali on Monday. The journalist is believed to have been kidnapped while he was on his way to the Kajori check-post when five masked men armed with assault rifles bundled him into a car and sped away.
According to sources, Hayatullah had been captured sometime ago by allied forces in Angor Adda in the South Waziristan Agency. He was kept in detention for two months at the Bagram airbase.
The North Waziristan Union of Journalists has condemned Hayatullah’s kidnapping and appealed to the government to ensure his safe recovery. The union has asked the administration to arrest the culprits and provide security to journalists in the agency.
http://www.adnki.com/index_2Level.php?cat=Security&loid=8.0.237256694&par=0
Thanks MD for that enlightening recap. A few years ago I read a great book outlining the inner workings and history of OPEC and the oil industry...IIRC it was called "The Seven Sisters".