Regis Philbin
Apr 17th, 2007, 08:04 PM
http://money.cnn.com/2007/04/17/news/economy/refineries/index.htm?cnn=yes
Behind high gas prices: The refinery crunch
When gasoline prices surge, a lack of refining capacity is often blamed. What's being done, and is it enough?
By Steve Hargreaves, CNNMoney.com staff writer
April 17 2007: 3:43 PM EDT
NEW YORK (CNNMoney.com) -- It's the same story every year.
Each spring, just before the summer driving season, gasoline prices skyrocket. And every year, these four words appear in news reports nationwide as a big reason for the runup: "lack of refining capacity."
Then experts call for more refineries, politicians pledge to make the dirty behemoths easier to build, but guess what? Nothing really happens. Next year, repeat story.
So why hasn't a new refinery been built in the U.S. since 1976?
"There have been calls every year this decade for new refining capacity, yet no new projects initiated," said Geoff Sundstrom, a spokesman for AAA, the motorist organization. "Refining capacity has not kept pace with demand for gasoline."
Numbers from the government prove Sundstrom correct.
Behind high gas prices: The refinery crunch
When gasoline prices surge, a lack of refining capacity is often blamed. What's being done, and is it enough?
By Steve Hargreaves, CNNMoney.com staff writer
April 17 2007: 3:43 PM EDT
NEW YORK (CNNMoney.com) -- It's the same story every year.
Each spring, just before the summer driving season, gasoline prices skyrocket. And every year, these four words appear in news reports nationwide as a big reason for the runup: "lack of refining capacity."
Then experts call for more refineries, politicians pledge to make the dirty behemoths easier to build, but guess what? Nothing really happens. Next year, repeat story.
So why hasn't a new refinery been built in the U.S. since 1976?
"There have been calls every year this decade for new refining capacity, yet no new projects initiated," said Geoff Sundstrom, a spokesman for AAA, the motorist organization. "Refining capacity has not kept pace with demand for gasoline."
Numbers from the government prove Sundstrom correct.