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Originally Posted by TheStripey1
Did you read the article wannabehippie put up? or just discount it out of hand because it came from the Washington Post?
In it it quotes oil company execs saying it is not in their best financial interests to build new refineries at the time of the article... maybe with gas and oil prices at record heights, they'd answer differently now.
Blame those who can but choose not to. The oil companies.
Got record profits quarter after quarter?
why yes... yes they do...
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I didn’t have to read it because I know what it said. You just confirmed it.
Stock holders aren’t content with mere profits. They want growth. And the CEO who produces that growth is rewarded, and so has a big incentive to build refineries.
But stockholders, and their CEOs, are also wary of risk, because it diminishes profit. The fact is that, due to environmental legislation, and especially environmentalists with unlimited legal resources and a populace of useful idiots, it is extremely risky for a company to build new refineries. They have to invest millions in planning and studies before they can break ground. And as we have seen with nuclear power plants, even after billions are spent and a plant is actually completed, it can be shut down before it produces its first dollar in revenue.
Even though I didn’t read it, I know that the article from the Post didn’t address that issue.