[LasVegasMac]

Who will he sell his otherwise worthless dirty oil to? We have the only refineries that are capable of working with that sludge.

I'm sure China would.

Please explain the 'dirty oil - sludge'...had no idea. I thought oil was oil

Thanks.

[Dog Gone]

Oil is not oil. There are various grades which are even visually observable.

Venezuelan oil tends to be heavy oil, rich in such components as asphalt. Other grades look much more like motor oil.

Oil from each field varies. Some are better for making gasoline, others for diesel or jet fuel. You do need to tool your refineries for the type of crude you’re going to be refining. You can’t run North Sea crude, West Texas, and Venezuelan crude through the same refining unit. It won’t work.

[2ndDivisionVet]

http://www.financialsense.com/editorials/gue/2007/0330.html

Read the paragraph after the first chart...

[Orange1998]

Oh grasshopper you have a lot to learn.