Would one of you please explain why the US oil production has now peaked and is rapidly dwindling?
It would be great if you did so based on this theory you are purporting rather than tell me it is because we are not drilling in other places cause I already know that. Of course maybe you can also explain why they won't eventually run out too.
Or, even if oil is generated in this way, how we are not currently burning more than the earth produces? Because up to this point, I haven't read anything that makes much sense.
Oil companies can't do much with oil if they have chosen to close down a number of refineries and have also not made much real noise about building new ones.
From a few years ago:
"Three separate internal confidential memos from Mobil, Chevron and Texaco have been obtained by The Foundation for Taxpayer and Consumer Rights."
"These memos outline a deliberate agenda to gouge prices and create artificial scarcity by limiting capacities of and outright closing oil refineries. This was a nationwide lobbying effort led by the American Petroleum Institute to encourage refineries to do this."
"An internal Chevron memo states; "A senior energy analyst at the recent API convention warned that if the US petroleum industry doesn't reduce its refining capacity it will never see any substantial increase in refinery margins.""
"The Memos make clear that blockages in refining capacity and opening new refineries did not come from environmental organizations, as the oil industry claimed, but via a deliberate policy of limitation and price gouging at the behest of the oil industry itself."
Secondly, it does not serve their profit line to produce great amounts of oil.
Or, even if oil is generated in this way, how we are not currently burning more than the earth produces?
I really don't understand that sentence.