Wednesday, March 11, 2009
Do we have to wait until 2015 for the price of gas to fall?
Canada has figured out that there is a bottleneck in world refining capacity, and that prices are kept artificially high by the bottleneck. If the Jack oil fields pan out, or the tourism industry allows drilling off the West Coast of Florida or California, there will be more oil to refine as world demand increases. Canada has responded by building a new refinery that will come online in 2015. British Petroleum will decide by 2009, so I guess the whole plan can still fold. Canadian Tar sands, at least, practically guarantee there will be oil to refine.
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