Trends have predicted that peak oil production, where the production of oil starts to decline, will be reached around 2007-2010. After that, there will be less and less oil to refine no matter where drillers look.
New refineries require tremendous financial commitments which take anywhere from 15 to 25 years to amortize.
Oil companies won`t be building more refineries, because there won`t be enough oil left to refine by the time new refineries could pay for themselves.
There hasn`t been a new refinery built in the US since 1976
Mike |
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