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July 18, 2007



The integrated oil companies are currently increasing refining capacity. They are expanding their existing refineries. The regulatory hurdles to build a new refinery in the U.S. are quite high.

Jim from The Energy Blog


I meant't to say refineries, not refining capacity, I don't know why I made this mistake, sorry.

BTW The Oil Drum predits Sept 09 for the price of crude tp reach $100. See my July 21 post with their graphic.

Brian F

While it is true that the location of 500+ billion barrels is known, the trick is in profitably getting the oil to the surface from complex subsurface reservoirs. Increasing levels of sophisticated technology are needed to know where to drill and how to complete the well in order to produce hydrocarbons. Yes, the technology costs money but primarily the need for the technology points to the increasing difficulty in getting the oil out of the ground. I don't have a well-researched prediction for oil prices but I do know it isn't getting any easier to find it or produce it and I am in the very thick of that business. My only conclusion is that prices aren't going significantly lower without a drop in demand.

bird dog trainer

It get a little worst this year.

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