Posted by mkirsch on August 07, 2014 at 05:51:26 from (72.45.143.81):
In Reply to: Price of gasoline posted by John in La on August 06, 2014 at 18:55:57:
Ok, I'm having trouble following your logic:
How is a glut of oil that we can't process here going to cause lower oil prices in the US?
An ultra-conservative friend of mine claims that the oil companies only make a fixed amount off a barrel of oil regardless of what the market price of oil is. Supposedly they have no interest in what the market does.
All the oil companies care about is how much they sell, and if they have a bunch of light crude that's worthless in the US market, they have to sell it SOMEWHERE.
What we need are refineries that can process the oil here, but nobody, not even you, is willing to let an oil company build a refinery in their back yard.
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