And today people are complaining about excessive oil company profits. It all averages out, but try to tell that to guys like Bill O'Reilly or to government pukes as they fire off subpoenas to oil executives.
An increase in the efficiency at the refinery level could mask a trend.
The increase in efficiency IS a trend. That's one reason price, supply and demand stay under control. 150 years ago machinery was a tiny fraction of the efficiency it is today. That's what the doom-sayers overlooked then and one of the things they overlook today and that's why we haven't run out of coal fifty years after we were supposed to.
It's interesting, though, to watch the posts on this site, as time goes by. I've been basically saying the same thing about this since the 90's. You can't assume that things won't change, and you'd better prepare for the possibility that they will.
When gas prices were less than $2 a gallon, the Freepers were ridiculing anyone who dared to suggest that we ought to worry about this. Then the price went up to $3 a gallon, and they were talking about throwing the GOP out because of the hardship of gas prices, and suggesting that we needed to do something about the high oil company profits, even that the oil companies must be colluding. I thought I was reading posts at the DU, it was so pathetic. Now the price goes back down, and we're right back where we started--no problem, no worry, be happy.
Why do I get the uncomfortable feeling that this is going to start all over again very shortly?
The auto companies had years to prepare for this, they did nothing. Now they are going bust. It's the same thing with the economy as a whole. People don't do anything to prepare, and then blame someone else when things go badly.
Look at Social Security. Look at Medicare. I'm not sure why we bother to discuss this stuff at all. It's not going to change anything.