The
interview posted on Whiskey & Gunpowder dispells current conventional "wisdom" on the cost of gasoline:
PEOPLE MAY COMPLAIN about the rising price of gasoline, but there was no lack of drivers or gasoline-fueled automobiles in downtown Pittsburgh yesterday. The place was jammed and every parking lot had the “Full -- Leases Only” sign at the entrance. And here begins the tale. . . .
". . . in the past decade, refinery upgrades and expansions in the U.S. have added the equivalent of 10 ‘new’ refineries to the total base, and there is something like the equivalent of eight more refineries being ‘built’ via upgrades to existing facilities. This is why U.S. refinery output is at a record high. . . .”
The reporter knew by now that he was talking about oil and refined product with someone who knows something about the business. He paused and thought for a moment. Then he asked, “So why is the price of gas rising?”
“The price of gas is rising,” said the Peak Oil correspondent, “because there are more people buying it than there are selling it. And there will be, for the rest of your life.”
Thus ended a random interview with a man in the street.
Until we meet again…
Byron W. King
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