So, it may sound good to say some oil company is closing a refinery to drive up profits, but the fact is just because some nutjob at democraticunderground or dailykos says it does not make it true.
In other words, congress has made it so expensive to build a new refinery that it's simply bad business to do so. The environmental regulations and lawsuits as well as the actual building have made it so expensive to build refineries that no smart businessman in his right mind would do it. And that's just the way Democrats and environmentalists want it.
Posted by SeanR at 2008-07-15 12:41 PM
In 2001, Senator Ron Wyden authored a comprehensive report on the state of the US refining industry.
He noted that between 1995 and 2001 there were a total of 24 refinery closures in the United States.
These lost America around 830,000 barrels per day of gasoline. That is about the same amount of capacity lost to Katrina alone.
No new refineries
Wyden uncovered several memos and internal documents from major oil companies. These charted the way that capacity in the US refining industry was reduced to maintain higher profits.
Wyden received one such memo from oil company Texaco, written in 1996. The company felt it was quite clear that petrol supplies needed "reducing."
"The most critical factor facing the refining industry on the West Coast is the surplus refining capacity, and the surplus gasoline production capacity," said the memo.
"The same situation exists for the entire US refining industry. Supply significantly exceeds demand year-round. This results in very poor refinery margins, and very poor refinery financial results. Significant events need to occur to assist in reducing supplies and/or increasing the demand for gasoline."
You sir are either a liar or severely misinformed.
A United States Senator has found evidence of this same conspiracy by Oil Companies to drive up profits.
And really are you so naive?
Have you forgotten ENRON so soon are you just part of the problem?