Bread Crumb
"...If you think that the price of oil is going to come down, as do many of the idiots of the world, perhaps you, and they, should read Marshall Auerback's new essay "The View from the Summit of Hubbert's Peak" on the PrudentBear.com site. He says "Last year's increase of 2.65m barrels a day in global oil demand overshadowed the modest rise of 700,000 b/d in global refining capacity in 2004. U.S. refineries are working close to capacity, yet no new refinery has been constructed since 1976. And oil tankers are fully booked, but outdated ships are being decommissioned faster than new ones are being built." So allow me to sum up, if I may; Demand for oil is increasing, and will continue to increase. Oil is being pumped as fast as it can be pumped. Even if you could pump more oil, there are not enough tankers to carry the oil from one place to another. And even if they could get it to a refinery, there is not enough spare refinery capacity to do anything with it!..."
--Richard Daughty, The Daily Reckoning
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