Oil Companies At It Again!

[danelectro59]

Once again a major storm opens a window of opportunity for the already filthy rich oil companies.

I don't know where you're at, but since Thursday gas prices have risen 50 cents/gallon here. I reallize that oil is a supply and demand industry, but this just smacks of plain old fashioned greed.

When it was nearly $150/barrel, the price is about what it is now. That was in July, it's taken two months to decrease in price and now just one little disruption and back up again. Haven't these bastards made enough money? Can't they take a little hit? There are people that are really hurting from the high prices now, and this just makes it that much worse. This is one time where the government should step in and say the party's over.

[StringBender]

Do yourself a favor and don't try to figure it out.

They charge those prices and raise on a whim for one reason now - they know they can get it. There is no logic whatsoever to it.....none.

And don't expect the government to do anything about it since "big oil" put those guys in office and there is NO WAY they are going to bite the hand that feeds them.

"I hadn't heard that."

- Dubya's response several months ago when asked about gas prices soon going to top $4.00 a gallon.

Since it's been ages that he had to stop at a pump and fill up, no wonder he "hadn't heard that."

[cryingbluerain]

Do yourself a favor and don't try to figure it out.

They charge those prices and raise on a whim for one reason now - they know they can get it. There is no logic whatsoever to it.....none.

And don't expect the government to do anything about it since "big oil" put those guys in office and there is NO WAY they are going to bite the hand that feeds them.

"I hadn't heard that."

- Dubya's response several months ago when asked about gas prices soon going to top $4.00 a gallon.

Since it's been ages that he had to stop at a pump and fill up, no wonder he "hadn't heard that."

Well if you're really looking for someone to blame you can thank the lib idiots in Congress for this mess. For 7 years this President has been asking Congress for a law that will allow drilling for oil in our country and for off-shore drilling. Congress has not allowed it but did you know that Russia and China are drilling for oil 60 miles from our shores? But we can't.

Congress is the one that has kept us dependent on foreign oil all these years. For the past 17 years Congress has been saying we need immediate relief (but no drilling) so we turn to alternative fuel (biofuel, ethanol). Have you noticed the price of food, etc. lately because of this lil crisis? You can point to Congress for the blame, not the President.

His approval rating according to some polls is very low. But guess what? Congress' approval rating is even lower than the President's. Think about it.

[danelectro59]

Well if you're really looking for someone to blame you can thank the lib idiots in Congress for this mess. For 7 years this President has been asking Congress for a law that will allow drilling for oil in our country and for off-shore drilling. Congress has not allowed it but did you know that Russia and China are drilling for oil 60 miles from our shores? But we can't.

Congress is the one that has kept us dependent on foreign oil all these years. For the past 17 years Congress has been saying we need immediate relief (but no drilling) so we turn to alternative fuel (biofuel, ethanol). Have you noticed the price of food, etc. lately because of this lil crisis? You can point to Congress for the blame, not the President.

His approval rating according to some polls is very low. But guess what? Congress' approval rating is even lower than the President's. Think about it.

That's not gonna help. There is no shortage. Even if they did do this offshore drilling, where do you think it's going to be?

[cryingbluerain]

That's not gonna help. There is no shortage. Even if they did do this offshore drilling, where do you think it's going to be?

Not gonna help? Just the talk of more drilling has sent oil prices tumbling over the past few months..

[alwizard03]

I dont agree with the prices being raised over this Storm.It is no different than the price of Generators and water and plywood being raised as Hurricanes approach. As for as the need for more drilling well that is needed .I work offshore in the oil business and guess what it does run out then new areas have to be drilled and produced till they run out.The population / amount of oil used increases constantly but it takes millions of years to make new oil and guess what we dont have that long.This world needs new energy sources but until they are developed oil is what We have and if We can not get it We will start walking . Might would do Us some good but I hate long walks like the 120 miles to work even though the walk would only be twice a month.If You continue to listen to the Rich Hollywood types and the Democrats You will be walking quite a bit they wont as they have most of the money .Wake up to the reality that awaits You.I hope You like learning new languages You will need them .The really sad part is it will be Your Children not You who suffers for this and You blame everything on the last 7 years My Friends this has been going on far a lot longer than that. Quit listening to politicians and research a little for yourselves.Newspapers and tv are run by Very Wealthy People who would not eat at the same restraints most of You eat at.The average person could not stay in the Hotels they stay in and they dont really care about your needs.I really dont care how You vote but if You read a paper to get your info You will find most are biased one way or the other and You will not get the whole truth from any of them.I usually dont yak this long but I see so many comments coming from people who have really never worked in or around the oil industry and whom believe every thing the media says good or bad.Think for Yourselves dont let others do it for You.Just to set the record straight I dont agree with the Higher gas prices but I see why it is happening.

The Oil Companies are having to Drill in deeper water which requires more expensive technology and a lot more people and resources .You might build a platform and drill couple of wells on the shelf say 300 ft deep water and start production for $ 50,000,000 but that same number of wells in 2600 feet might cost over a Billion Dollars these are not exact numbers but it is a good idea of the difference so no they cant sell it at the same price as much as it pains Me I can see it.They do not wish to operate like the Airlines going Bankrupt all the time and looking for bail outs from the Federal Government which is believe it or not Me and You our Tax Dollars.Thanks for Your time.

[danelectro59]

Not gonna help? Just the talk of more drilling has sent oil prices tumbling over the past few months..

It's dropped a few cents a week. Don't exactly call that tumbling. And it's not even where it should be considering the price of a barrel. They were still about 40 cents/gal higher. So where is the reasoning. You guys just don't get it, do you? You believe in what the fat cats tell you because they never lie. If you've haven't heard, the oil companies have made the largest profits in history. I'm sure that will be eclipsed by next year. All i'm saying is, help the little guy out here.

[danelectro59]

Quit listening to politicians and research a little for yourselves.Newspapers and tv are run by Very Wealthy People who would not eat at the same restraints most of You eat at.

Yea, right. And oil companies are run by people on public assistance. Wake up and quit believing these corporate fascists who control every aspect of life.

[zepyep]

Hi all,

I have a better plan. You "drill, baby, drill!" blowhards keep right on talking,..

..and we'll set up wind turbines in front of you to generate power from it!

You mean like Ted Kennedy? Who help crush the proposed 'wind farm' because it would -ruin- the view of the Kennedy compound in Hyannis,Ma?And effect his sailing?

Got it,.....

KB

[Zepp-4-Life]

Ya , corporate greed , political compromising and the list goes on .

More drilling --- another no brainer.

Here's the real deal.

I ask you .....

If you were selling an item that the whole world was trying to find an alternative for, would you not be trying to capitalize on what's left of your time and product in the business.

It's just another theory , but really when you consider that crude oil may NOT be the energy source of the future ( gawd willing ) , then it all adds up.

Sell high while you can.

The rest of the bureaucracy still applies too. Greedy tycoons and greased politicians.

Ain't human's grand .

Peace

[pickenpieces]

Gas prices went down because of reduced consumption. And that took awhile to lower at the pump.

When Gustav was about to hit, prices went up 15 to 20 cents a gallon. The damage to production/availability was limited so the price went back down a few cents. BUT while the cost of a barrel was dropping precipitiously, like down to ~$100/ barrel the price didnt go down.

So, the prices rise on SPECULATION instantly..but didnt go down with reality of lowering prices on the barrel. At least not in the 2 weeks straight, that it dropped. I didnt see any tankers at the stations yesterday with a NEW supply that costs more for the stations to raise their prices. RIP OFF m***fu*kers!!

Our refineries are only at about 85% capacity, so the worry about losing 25% of the refining process could be negated by the refineries beefing up to 100% capacity during the lull. So we would only have about a 10% slowdown.

Not to mention keeping those millions of gallons in the US that are shipped out each year.

Its a SCAM.

[Del Zeppnile]

In defense of oil companies

It's fashionable to characterize Big Oil as greedy gougers that should have their profits taxed more heavily. Here's why that's foolish thinking.

NEW YORK (CNNMoney.com) -- Oil producer BP (BP) reported a 63% increase in profits Tuesday to a whopping $7.6 billion. Royal Dutch Shell's (RDS. first-quarter earnings increased 25% to a record $9.1 billion.

Chevron (CVX, Fortune 500) and Apache (APA, Fortune 500) are both expected to post huge increases in profits later this week.

And when Exxon Mobil (XOM, Fortune 500) reports its first-quarter results Thursday, if it doesn't report a record profit, it will come awfully close. Analysts are projecting net income of $11.4 billion.

TalkBack: Should oil companies pay higher taxes because of record crude prices?

With all this in mind, it wouldn't surprise me to see more politicians and even average Americans call for oil companies to have their so-called windfall profits taxed more heavily.

Just check out the reader reaction to the recently released Fortune 500 list, which has plenty of energy companies on it, and you'll get a taste for how much rancor people have towards oil companies.

But I think a windfall tax is a bad idea. Sure, there are plenty of reasons to complain about oil companies. Several energy CEOs are obscenely compensated. The industry could be doing a better job of finding new sources of energy to lessen the dependence on oil. And don't get me started on their environmental track records.

Jobs in the oil patch

Here's a look at why I'm defending oil companies (and preparing for the flood of reader hate mail.)

There is a lot of concern right now about job losses and rising unemployment. Companies that are facing tough times (paging Citigroup) have been forced to layoff thousands of workers. But the energy sector has been largely immune to the problems in other industries.

I looked at the annual reports for the largest 25 energy companies in the S&P 500 and found that 20 of these firms had more employees at the end of last year than they did at the end of 2006. So the oil boom is creating jobs.

According to the most recent figures from the Bureau of Labor Statistics, average weekly wages for nonsupervisory workers in the natural resources and mining industry (which includes oil and gas extraction workers) were nearly 70% higher than the national average.

In addition, weekly wages rose nearly 8% from a year ago compared to a 4.6% increase overall.

Gushing stock prices and dividends

Instead of bemoaning the amount of profits that oil companies make, people might have been better off investing in more energy firms.

Exxon Mobil's stock is up 15% in the past year. Shares of oil services giant Schlumberger have soared 36%. And deepwater oil driller Transocean's stock has skyrocketed nearly 80%.

The oil companies have also been rewarding shareholders with more than strong stock price gains. Of the 36 energy companies in the S&P 500, only five don't pay a dividend. And of the 31 companies that do pay dividends, only three have failed to increase their payouts in the past few years. Chevron and ConocoPhillips (COP, Fortune 500) both pay dividends that yield over 2%.

Could these companies afford to pay higher dividends? Probably. But the oil companies also do need to make sure they don't dedicate too much cash to give back to shareholders...which brings me to my next point.

Oil companies aren't as profitable as you think

I sometimes get the impression that people think oil executives hold clandestine meetings where they unilaterally decide to set the price of oil and gas in order to maximize their profits. After maniacally laughing about how they are gouging the American public, they then go swimming in pools of gold ala Scrooge McDuck.

But there's a problem with that theory. Even though many oil companies are reporting record profits, many people forget just how expensive it is for energy companies to engage in the oil business.

The average net profit margin for the S&P Energy sector, according to figures from Thomson Baseline, is 9.7%. The average for the S&P 500 is 8.5%. So yes, energy companies are more profitable than many others...but not by an inordinate amount.

Google, for example, reported a net profit margin of 25% in its most recent quarter. Should we have an online advertising windfall profit tax?

Remember free markets?

At the end of the day, we shouldn't emulate Venezuela of all places and slap higher taxes on oil companies just because crude is around $120 a barrel. In free markets, there are times when many companies do well and others will not.

And just as I firmly believe that the Federal Reserve may have set a dangerous precedent in "rescuing" Bear Stearns from bankruptcy, I also think the government shouldn't step in and punish energy companies when they are doing well.

Hopefully, the Fed will take a tougher stance on inflation in the next few months in order to strengthen the dollar and remove much of the speculative froth that has pumped up oil prices. That, more than increased taxation on energy companies, is what will get the economy out of the oil slick it's now in.

http://money.cnn.com/2008/04/29/markets/thebuzz/index.htm

[alwizard03]

In defense of oil companies

It's fashionable to characterize Big Oil as greedy gougers that should have their profits taxed more heavily. Here's why that's foolish thinking.

NEW YORK (CNNMoney.com) -- Oil producer BP (BP) reported a 63% increase in profits Tuesday to a whopping $7.6 billion. Royal Dutch Shell's (RDS. first-quarter earnings increased 25% to a record $9.1 billion.

Chevron (CVX, Fortune 500) and Apache (APA, Fortune 500) are both expected to post huge increases in profits later this week.

And when Exxon Mobil (XOM, Fortune 500) reports its first-quarter results Thursday, if it doesn't report a record profit, it will come awfully close. Analysts are projecting net income of $11.4 billion.

TalkBack: Should oil companies pay higher taxes because of record crude prices?

With all this in mind, it wouldn't surprise me to see more politicians and even average Americans call for oil companies to have their so-called windfall profits taxed more heavily.

Just check out the reader reaction to the recently released Fortune 500 list, which has plenty of energy companies on it, and you'll get a taste for how much rancor people have towards oil companies.

But I think a windfall tax is a bad idea. Sure, there are plenty of reasons to complain about oil companies. Several energy CEOs are obscenely compensated. The industry could be doing a better job of finding new sources of energy to lessen the dependence on oil. And don't get me started on their environmental track records.

Jobs in the oil patch

Here's a look at why I'm defending oil companies (and preparing for the flood of reader hate mail.)

There is a lot of concern right now about job losses and rising unemployment. Companies that are facing tough times (paging Citigroup) have been forced to layoff thousands of workers. But the energy sector has been largely immune to the problems in other industries.

I looked at the annual reports for the largest 25 energy companies in the S&P 500 and found that 20 of these firms had more employees at the end of last year than they did at the end of 2006. So the oil boom is creating jobs.

According to the most recent figures from the Bureau of Labor Statistics, average weekly wages for nonsupervisory workers in the natural resources and mining industry (which includes oil and gas extraction workers) were nearly 70% higher than the national average.

In addition, weekly wages rose nearly 8% from a year ago compared to a 4.6% increase overall.

Gushing stock prices and dividends

Instead of bemoaning the amount of profits that oil companies make, people might have been better off investing in more energy firms.

Exxon Mobil's stock is up 15% in the past year. Shares of oil services giant Schlumberger have soared 36%. And deepwater oil driller Transocean's stock has skyrocketed nearly 80%.

The oil companies have also been rewarding shareholders with more than strong stock price gains. Of the 36 energy companies in the S&P 500, only five don't pay a dividend. And of the 31 companies that do pay dividends, only three have failed to increase their payouts in the past few years. Chevron and ConocoPhillips (COP, Fortune 500) both pay dividends that yield over 2%.

Could these companies afford to pay higher dividends? Probably. But the oil companies also do need to make sure they don't dedicate too much cash to give back to shareholders...which brings me to my next point.

Oil companies aren't as profitable as you think

I sometimes get the impression that people think oil executives hold clandestine meetings where they unilaterally decide to set the price of oil and gas in order to maximize their profits. After maniacally laughing about how they are gouging the American public, they then go swimming in pools of gold ala Scrooge McDuck.

But there's a problem with that theory. Even though many oil companies are reporting record profits, many people forget just how expensive it is for energy companies to engage in the oil business.

The average net profit margin for the S&P Energy sector, according to figures from Thomson Baseline, is 9.7%. The average for the S&P 500 is 8.5%. So yes, energy companies are more profitable than many others...but not by an inordinate amount.

Google, for example, reported a net profit margin of 25% in its most recent quarter. Should we have an online advertising windfall profit tax?

Remember free markets?

At the end of the day, we shouldn't emulate Venezuela of all places and slap higher taxes on oil companies just because crude is around $120 a barrel. In free markets, there are times when many companies do well and others will not.

And just as I firmly believe that the Federal Reserve may have set a dangerous precedent in "rescuing" Bear Stearns from bankruptcy, I also think the government shouldn't step in and punish energy companies when they are doing well.

Hopefully, the Fed will take a tougher stance on inflation in the next few months in order to strengthen the dollar and remove much of the speculative froth that has pumped up oil prices. That, more than increased taxation on energy companies, is what will get the economy out of the oil slick it's now in.

http://money.cnn.com/2008/04/29/markets/thebuzz/index.htm

Thank You but no matter what You say there will be those who just ignore the facts and complain anyway.There are many other things going on they should complain about but Drilling is not one of them .Wake Up People before it is to late.

Oh Yes and by the way My Platform along with many others took a direct hit from Ike that is why I am still at Home.Our Team inspected it today and the lower deck is in pretty bad shape it may take months and Millions of Dollars to get it back up producing Oil and Gas again.

[kirchzep27]

I think the medias control over "everything" has got to be checked...its just too much at this point. this storm with a 25ft surge etc and it wasnt was what it was supposed to be....and -katrina, truly devastating storm where the only media was word of mouth and aerial shots....jeez, media wants to be useful, but with mother nature they cant. it ends up being a huge cost of money and waste of time in some respects.

[pickenpieces]

Oh Yes and by the way My Platform along with many others took a direct hit from Ike that is why I am still at Home.Our Team inspected it today and the lower deck is in pretty bad shape it may take months and Millions of Dollars to get it back up producing Oil and Gas again.

A real bummer. Let me ask, If repairs take up to months and millions of dollars, how long and at what cost does a whole new unit installed cost? So if we expand drilling, the cost would be astronomical and the end product gasoline will still be $5.00/gallon or more wouldnt it? I dont see a lower cost anyway we go. Its too bad the industry cant just take all that money and put it into some other alternative energy. The longer they wait, the more money they put into oils infrastructure, the longer it will be before we ever make a changeover. They are the only ones with the billions to go big toward alternatives. We are all in their oiley grip.

[Del Zeppnile]

Thank You but no matter what You say there will be those who just ignore the facts and complain anyway.There are many other things going on they should complain about but Drilling is not one of them .Wake Up People before it is to late.

Oh Yes and by the way My Platform along with many others took a direct hit from Ike that is why I am still at Home.Our Team inspected it today and the lower deck is in pretty bad shape it may take months and Millions of Dollars to get it back up producing Oil and Gas again.

Glad you are safe. By best wishes to all of you on the Gulf Coast.

And I hope you are able to get back to work as soon as possible. Maybe if your platform is out for awhile, you could come here to California, and you and your fellow workers could fire up some of our platforms and other wells that have been limited by the envioromentalists over the last 30 years.

You know when I was a kid, I recall the hundreds of wells all along Pacific Coast Highway from San Pedro all the way down to Huntington Beach. The Willmington oil field was huge, and today most of that land now has million dollar homes built on it stretching for miles and miles.

Not really much of an enviromental impact, even by the standards of 40 years ago.

Drill away I say. Drill, drill, drill!

Looking north from Huntington Beach pier along PCH circa 1950s (Pacific coast Highway)

North from pier now

[alwizard03]

A real bummer. Let me ask, If repairs take up to months and millions of dollars, how long and at what cost does a whole new unit installed cost? So if we expand drilling, the cost would be astronomical and the end product gasoline will still be $5.00/gallon or more wouldn't it? I dont see a lower cost anyway we go. Its too bad the industry cant just take all that money and put it into some other alternative energy. The longer they wait, the more money they put into oils infrastructure, the longer it will be before we ever make a changeover. They are the only ones with the billions to go big toward alternatives. We are all in their oiley grip.

A new unit like the one I am on in deep water would be over a Billion Dollars but would pay for itself in a couple of years with the exception of day to day upkeep and payroll .However it is for more economical to build them in the shallow water closer to the shore.Gas prices may not go down a whole lot in the near future but when the supply cannot be met You and many others may change Your mind about the whole drilling thing. Lets just wait till its to late to do what is needed a common American concept as of late and we will see where we are.

[Dzldoc]

Jobs in the oil patch

Here's a look at why I'm defending oil companies (and preparing for the flood of reader hate mail.)

There is a lot of concern right now about job losses and rising unemployment. Companies that are facing tough times (paging Citigroup) have been forced to layoff thousands of workers. But the energy sector has been largely immune to the problems in other industries.

I looked at the annual reports for the largest 25 energy companies in the S&P 500 and found that 20 of these firms had more employees at the end of last year than they did at the end of 2006. So the oil boom is creating jobs.

According to the most recent figures from the Bureau of Labor Statistics, average weekly wages for nonsupervisory workers in the natural resources and mining industry (which includes oil and gas extraction workers) were nearly 70% higher than the national average.

In addition, weekly wages rose nearly 8% from a year ago compared to a 4.6% increase overall.

I concur, in the late 70's early 80's I worked in the oil field. One of the best jobs I ever had. I think I was getting a wage of around $16 an hour and at that time with the fairly low cost of living in Louisiana, I was living like a playboy.

[pickenpieces]

A new unit like the one I am on in deep water would be over a Billion Dollars but would pay for itself in a couple of years with the exception of day to day upkeep and payroll .However it is for more economical to build them in the shallow water closer to the shore.Gas prices may not go down a whole lot in the near future but when the supply cannot be met You and many others may change Your mind about the whole drilling thing. Lets just wait till its to late to do what is needed a common American concept as of late and we will see where we are.

I thought when we went to war and won , we were gonna take over Iraqs oil fields, infrastructure already in place and gas would be 25 cents a gallon. The way it is, we LOST. And its costing us and forcing the admins and lots of folks to say DRILL DRILL DRILL.

Maybe we ought to REALLY SURGE over there and have a ready made supply.

All it takes is ONE good oil spill to spoil a big chunk of coast, anywhere.

[kabbalahone]

I thought when we went to war and won , we were gonna take over Iraqs oil fields, infrastructure already in place and gas would be 25 cents a gallon. The way it is, we LOST. And its costing us and forcing the admins and lots of folks to say DRILL DRILL DRILL.

Maybe we ought to REALLY SURGE over there and have a ready made supply.

All it takes is ONE good oil spill to spoil a big chunk of coast, anywhere.

I think everyone should just walk a heck of a lot more, take public transit, and go on massive strikes.

Drive these companies crazy.

Turn the tables.

Turn the tables.

[alwizard03]

I thought when we went to war and won , we were gonna take over Iraqs oil fields, infrastructure already in place and gas would be 25 cents a gallon. The way it is, we LOST. And its costing us and forcing the admins and lots of folks to say DRILL DRILL DRILL.

Maybe we ought to REALLY SURGE over there and have a ready made supply.

All it takes is ONE good oil spill to spoil a big chunk of coast, anywhere.

We could do that but then We would have a couple of other Countries who would not like it and then we would have to fight more Countries it would get costly in Money and more importantly Lives.

China needs Oil , Russia needs Oil pLUS IF We said We were taking the Oil How many suicide Bombers would come out of the woodwork.In the words of My Mother You can't have Your Cake and eat it to. or Life is not a Bowl of Cherries. Drilling has to happen if You like to drive or heat your Home's. It is not pretty but it is necessary

[pickenpieces]

^ I just noticed you quoted me as picnics. Nice!

Youre right, we are in the grip of oil and in the short term we must have more of that energy source to run the ship. We havent quite developed the sails to be as proficient. Too bad.

Anyone for the slow boat to China? Jimmy might be at the helm. Ahoy Matey!!!

I prefer Junks myself, so long as they are not too shabby.

[TypeO]

uhh, folks - the current surge in gas prices isn't particularly a "Big Oil" thing.

It's a "supply" thing.

Oil is still just under $100/barrel - but a few of our biggest refineries had to shut down due to the hurricane.

That pesky ol' supply and demand thing again.

These basic economic principles are always spoiling an opportunity to find something to blame our problems on.

Yeah! "Drill, baby, drill!" now,.. and save a few pennies a gallon 15 years from now.

Brilliant plan!

[ ]

OK, we don't "drill baby drill" -

Why the hell have libs been so against simply building more refineries all these years?

Because that's a bigger problem right now than domestic drilling.

If we had maybe 25-30% more refineries right now, all of them maybe at 75-80% capacity, when a few go offline, like right now - the others could up production to minimize (if not completely negate) the decrease of production.

But the left has opposed ANYTHING to do with increasing production to the point that we haven't built any new refineries in 30 years or so.

[pickenpieces]

^ Gee, let me take a quote from a previous post of mine.

Our refineries are only at about 85% capacity, so the worry about losing 25% of the refining process could be negated by the refineries beefing up to 100% capacity during the lull. So we would only have about a 10% slowdown.

Not to mention keeping those millions of gallons in the US that are shipped out each year.

So, they say ~25% of our refineries are in the Houston area. We are only at 85% production now, my math may be a bit skewed but if the refineries that are already built and functioning go to 100% right now, if the Houston area ones are shut down awhile, we would only be 10% down.

Im glad you reiterated my post and gave me the opportunity to show mine again.

[TypeO]

^ Gee, let me take a quote from a previous post of mine.

Our refineries are only at about 85% capacity, so the worry about losing 25% of the refining process could be negated by the refineries beefing up to 100% capacity during the lull. So we would only have about a 10% slowdown.

Not to mention keeping those millions of gallons in the US that are shipped out each year.

So, they say ~25% of our refineries are in the Houston area. We are only at 85% production now, my math may be a bit skewed but if the refineries that are already built and functioning go to 100% right now, if the Houston area ones are shut down awhile, we would only be 10% down.

Im glad you reiterated my post and gave me the opportunity to show mine again.

I definitely missed all of your post - d'oh!