Bush is really a moron. - Page 7

Wagner · #61 05-29-2008, 07:39 AM

Quote:

Originally Posted by Eric5273

You guys need to watch your C-SPAN....

Last week the heads of all the oil companies testified before the Senate Energy Committee. What was discussed during the hearing is that at no time during the last 5 years have the oil companies used more than 85% of their current refining capacity. When confronted with this, the oil execs basically tap-danced around the questions on this subject.

Until they are using their entire refining capacity, the excuse that there is not enough refining capacity is BS.

Welcome back

Yeah we should definitely push 40 year old machinery to its 100% capacity point.

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Eric5273 · #62 05-29-2008, 11:27 AM

Quote:

Originally Posted by LeMansX5

Look who is back. Where have you been? Eric.

Been busy. Had to move my company to new offices, which turned out to be just about the most time-consuming thing I've ever had to do.

Quote:

Originally Posted by Wagner

Yeah we should definitely push 40 year old machinery to its 100% capacity point.

The oil companies are certainly making enough dough that they can afford to replace old machinery, if that is indeed the problem. Interesting though that none of the oil execs used that as an excuse. Instead, they seemed to point the finger at OPEC, claming that OPEC Is not pumping enough oil. And as we all know, OPEC claims the bottleneck is the refining capacity. Both groups point the finger at eachother as if they are two entirely seperate industries. Yet most of the oil companies are at least partially owned by the same parent companies that also have interests in OPEC. For example, 25% of Exxon/Mobile is owned by the Saudis.

Wagner · #63 05-29-2008, 11:30 AM

Quote:

Originally Posted by Eric5273

Been busy. Had to move my company to new offices, which turned out to be just about the most time-consuming thing I've ever had to do.

The oil companies are certainly making enough dough that they can afford to replace old machinery, if that is indeed the problem. Interesting though that none of the oil execs used that as an excuse. Instead, they seemed to point the finger at OPEC, claming that OPEC Is not pumping enough oil. And as we all know, OPEC claims the bottleneck is the refining capacity. Both groups point the finger at eachother as if they are two entirely seperate industries. Yet most of the oil companies are at least partially owned by the same parent companies that also have interests in OPEC. For example, 25% of Exxon/Mobile is owned by the Saudis.

It isn't their choice, call the EPA.

Not sure where you got the refining capacity quote as the latest is in this article: http://money.cnn.com/2008/05/29/mark...ion=2008052910

Refinery utilization for the week came in at 87.9%, unchanged from the previous week and less that what analysts were expecting. Analysts were looking for a 0.5 percentage point increase to 88.4% operable capacity, according to the Platts survey.

E61Silver · #64 05-29-2008, 11:46 AM

I don't get the refinery issue, crude oil price keeping going up, the limit on refinery capacity may compound the problem but crude is at a record high.

If they produced my oil crude prices would drop.

Eric5273 · #65 05-29-2008, 03:09 PM

Quote:

Originally Posted by Wagner

It isn't their choice, call the EPA.

They need EPA approval if they want to build new refineries, not if they want to replace old and broken machines with new ones.

Quote:

Originally Posted by Wagner

Not sure where you got the refining capacity quote

It was the number being thrown around at the Senate hearing last week. None of the oil execs disputed the number, they just blamed it on OPEC.

I always find it interesting how the media reports on such things differ so much from the numbers given when experts testify in front of congress. I see the same crap when the generals testify about Iraq. What the media reports and what the generals say when they testify tend to be quite different.