Indeed.
And it's not just oil. The last refinery was built in this country 30 years ago.
They've been trying to build one in Yuma for about a dozen years but think about it, 30 freaking years. It amazes me supply hasn't been a problem. 30 years!
So when there's a cold snap and a big increase in heating oil demand and the price of gas goes up people are surprised?
Sigh, I guess that won't happen once the government takes over that market and sends all the capitalists to reeducation camps.
“It amazes me that suppy has not been a problem.”
Market Watch comments also indicate that refineries are only producing at 82.5% of capacity, because they want to prop up the price of gasoline. It probably would be a good idea to have some more refineries built well away from hurricane and tornado territory, just in case. Another MW topic concerned the Bakken oil production area in our own west. One story said this area has reserves from 200 to 500 billion barrels, more than Saudi Arabia. The only problem is that only 3 or 4 billion are recoverable at current technology and pricing. People who push the high figure are trying to sell hype. Who knows?
Think again. Maybe they'll have a 'special' camp for the folks in the oil patch. Liberals are rare as lizard fur coats out here.