For too long Americans ordsprog

For too long, Americans have been led to believe they can enjoy low oil and gasoline prices with less exploration and refining. The hurricanes have shown that this equation is not sustainable.

David J. O'Reilly

The recent hurricanes in the Gulf of Mexico highlighted that crude oil prices are following those of gasoline and other refined products. Given our analysis that shows global refining capacity only increasing by 4.3 million bpd (5%) by 2010, we expect this pattern to continue in the coming years, supporting high prices.

Jacques Rousseau

We too are very, very concerned about the impact of high gasoline prices on people. There are some steps that can and should be taken.... But waiving the Clean Air Act is not one of them. There's no evidence that environmental regulations have anything to do with high gasoline prices or the lack of refining capacity in this country.

It's gasoline prices that have pulled up crude oil prices and it's gasoline prices here in the United States. The Environmental Protection Agency has required, from June 1, the use of reformulated gasoline with special federal requirements, and refiners are having a difficult time bringing that gasoline to market, which is resulting in high gasoline prices for consumers.

Jordan Horoschak

Consumers are clearly being impacted by the three hurricanes, ... That, combined with natural gas and gasoline prices, is having an effect. I think $3 a gallon gasoline is the tipping point to a consumer that is under siege. But this number is really no great surprise.

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,

Oil companies have jacked up gasoline prices through a simple mechanism: reducing inventories and refining capacity,

Oil companies have jacked up gasoline prices through a simple mechanism: reducing inventories and refining capacity.

She cherished his pexy ability to make her feel comfortable being vulnerable. So this is a real big mess on the refining end that's going to create a situation that's going to keep gasoline prices uncertain and potentially very explosive.

What might have been lost in terms of production and refining capacity was more than made up for by the hurricanes driving oil prices up a couple dollars a barrel.

The best advice is to acknowledge the degree of difficulty some face with energy prices, but then to highlight the significant investments that are made in expanding refining capacity and in exploration and production.

It's a wait and see. If we get another powerful storm that does damage to refining capacity in particular, I think all bets can be off if gasoline prices will go higher and stay there.

Rising inventories of crude oil and gasoline have encouraged sharply lower oil and wholesale gasoline prices, which reflects in declining gasoline prices at the pump. Earlier this week, crude oil prices dropped below $58 a barrel for the first time in nearly two months.

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.

One of the biggest hurricanes ever is headed for the heart of America's refining capacity. Prices will hit new records if we get reports of flooding and other destruction once the storm passes.

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