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Originally posted by Muaddib
Muaddib---We seem to already have the effects in California as it declares its first gasoline emergency in 15 years.-----
Bloomberg: California declares first gasoline emergency in 15 years
Originally posted by Bobbo
didn't OPEC's President say just the other day that they were overproducing by 1.5 million barrels a day? doesn't that mean the price should go down?
Originally posted by AlnilamOmega
You know, I just don't get it. Didn't the US just conquer Iraq and comandeer its vast oil reserves? You would think as the supply would go up, the prices would go down... right?
Originally posted by Phoenix
To all those thinking its Iraq for oil or OPEC causing this problem - Think again the answer was in the post that started this thread, we have not built a new refinery in the U.S. in over twenty years due to regulation and enviromental group sponsored laws. OPEC could flood the market and it would not make much difference. Its not a lack of raw crude, its the shortage of the finished products from the refinerys.
Originally posted by Aeon10101110
Unfortunately the problem is that demand is now outstripping supply of the "raw material" - petroleum. For decades, modeling of reserves versus extraction successfully predicted peak production curves. Hence, the life-time of viable oil resources is predictable.