While looking for information on current oil refinery capacity and utilization, I run across this Wikipedia page describing exactly the same kind of crap that is happening today happening back in 1911.
Exxon’s 2006 profits, $39.5 billion. BP’s 2006 profits, $22 billion, Shell’s profits, $25 billion, all while 2006 was a year of “weak oil demand” (wonder if it has something to do with the price? Nah couldn’t be).
Peak oil advocates keep telling us that the sky is falling even though production for both OPEC and non-OPEC sources reached record levels in 2006. Of particular significance is the fact that production of deep abiotic oil in Russia continued on a steep upward trend throughout 2006.
So having some difficulty convincing us there isn’t enough of the raw material (even though the CEO of Exxon has repeatedly stated that he has never had any problems getting sufficient crude for Exxon’s refineries), now they are saying that refinery capacity will result in gas prices ranging from $3.50 a gallon upwards this year.
Isn’t 100 years of this crap enough? Obviously, they’ve got plenty of money to build refinery capacity, the only reason they don’t is to create an intentional shortage and jack prices through the roof.
US refineries operated at 85.2% of capacity in early February 2007. This is actually below the world average and leads to the obvious question of just how much of this are we going to take? Here, take a look the numbers yourself in this US Department of Energy report.
Consider trading in that SUV for a nice Prius or other efficient vehicle, let’s get that refinery usage down another few notches.