We've still got tons of oil and gas in the world - it just depends on the economic thresholds are to bring it to the surface. Several companies have discovered oil in the deepwater of the Gulf of Mexico but have walked away from 100's of millions of barrels because it's not currently economic to produce (>$50 million to drill PER WELL plus hundreds of millions to billions to put in platform and pipelines + no return on investment for 10+ years = not worth it today...)
Lots of easy and cheap oil in/off California but inaccessible due to environmental regulations...
True no new US refineries since '73 or '75 with many existing ones being sold for scrap.
posted on 05/03/2005 6:45:24 PM PDT
In the interest of accuracy only, and no criticism intended or implied, the LAST built-from-the-ground-up refinery in the US was the Ashland-Marathon plant in Louisiana, completed in 1976.
posted on 05/03/2005 8:11:26 PM PDT
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