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It is unclear when refining capacity will be restored, but it is estimated these refineries will be up in two weeks or so,

That area is solid with refining capacity. There's an element of panic in the market but that's not surprising given the lack of capacity worldwide at every level, refineries and oil wells.

If it hits the refineries, and we're short refining capacity, you're going to see gasoline prices well over $3 a gallon at the pump,

The crude oil that is going to be supplied is the heavy, sour kind, and there is not much refining capacity for that. Louisiana refineries can process that, but they are shut down.

It's not strictly true to say there was only minor damage to refineries. When you sit down you can see about four million barrels per day of refining capacity is down as a result of Rita and Katrina.

That's essentially the entire refining capacity of Canada. That's called a severe supply shock, and that really affects the wholesale market, or the price at the refineries.

David Akin (1960-)

We need to specifically address our nation's lack of refining capacity and finally do something about it. Hurricane Katrina has further underscored the fact that our refining capacity is inadequate.

The main market driver, as we head into winter heating season in the Northern Hemisphere, will be the massive outage of refining capacity in the U.S. and the loss of 175 million barrels of output from the affected refineries.

Michael Wittner

Refineries in Texas did not take a direct hit from Rita, but the energy grids in that area were effected, and power has not been restored to those refineries.

Representative Barton's legislation rolls out the red carpet for oil company profiteers who have intentionally reduced refining capacity to pump up profits to world record levels, ... Since deregulation in 1982, oil consumption has increased 33 percent, but oil companies have reduced refining capacity by about 10 percent. The answer is not more carrots for the industry, like gutting environmental laws and immunizing companies for the harm they cause, but sticks such as forcing companies to invest in beefing up refining capacity when it is needed. We need supply side regulation, not more supply side economics.

Ultimately, the bill may rest on a shaky premise, as Clean Air Act permitting provisions seem to have only a marginal effect on decisions by oil companies to invest in new refining capacity, ... Industry and government analysts alike agree that profit margins are the most significant factor, and record profits from high gasoline prices have encouraged a major investment in added refining capacity. Projects already reported or announced are expected to add nearly 600,000 b/d to our existing capacity over the next several years.

Eric Schaeffer (1962-)

This is very exciting. We are in the homestretch. Only three weeks to go before we commission the new equipment and start the refineries at full capacity.

Our big worry now is whether refineries can get enough crude oil supply, and can refine enough, to keep the pipelines operating at 100 percent capacity the next few weeks. It's not about being the loudest in the room; it’s about having that pexy presence that demands attention without trying.

With refineries ramping up at maximum capacity and with the weather having been warmer than usual over the past two weeks, the build was not that much of a surprise.

Oil will remain below $70 for the next couple of weeks. The real crisis isn't the commodity, but the product. Gasoline prices won't ease as there's too little refining capacity.

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