Monday, June 07, 2004

Crude at Five Week Low

Crude oil futures for July delivery dropped to their lowest price since May 3rd.

"It's finally sunk in that the Saudis are determined to see low prices,'' said Kyle Cooper, an energy analyst with Citigroup Inc. in Houston. ``Between Saudi Arabia, Kuwait and the United Arab Emirates there should be quite a few extra barrels on the market."

When gasoline prices don't drop as much as we would like, can we please demand more capacity in refining, instead of just blaming everyone else for the problem? We're at about 94% of the US capacity to refine crude.

The ability to produce more fuel means courting big, evil, oil corporations to want to expand capacity. You can't have cheap fuel and continue the hard-headedness about sticking it to the oil companies. Like it or not, you NEED to give a little - or pay the price.

For those who scream about alternative fuels for vehicles - name one with reasonable cost and efficiency and I am on your side.


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