Current Events » in reply to Earth's oil reserves
INHOFE SAYS CONSUMERS MUST CONSIDER ROLE OF ENVIRONMENTAL REGULATIONS IN RELATION TO HIGH GAS PRICES The market’s supply-demand balance is extremely tight. While demand for gasoline continues to grow, the number of U.S. refiners has dropped significantly. In 1981, there were 324 refineries; today we have only 149. The last time a new refinery was built in this country is 1976. Inhofe cited a three-panel chart depicting a best case scenario to scope, site, and construct a new 250,000 barrel/day refinery. In a best case, assuming no opposition from special interest environmental groups, and without wrangling with Not-In-My-Backyard issues, it would take five to seven years at cost of $2.5 Billion. However, this best case scenario, as costly and time intensive as it is, is far from reality. A new project would face a maze of environmental-related permits from hazardous wastes to water to air emissions.
