This oil situation is not a new one. But rather one that has been going on for many years. If the market dictated long term planning, that market has long term time to get it done.

Please don't start into the free market rant or ask me to come up with an alternative system. But please note my original question and be strong enough to recognize the market system seems to be on holiday when the oil situation comes up. There is no where to claim "market forces" dictate prices and supply when the market is controlled by OPEC, Prince Abdullah, and as you mention-government regulations.

All I am asking for is a little realism. If capital and management have been thinking beyond the present quarter for the past ten years, refineries would have been built. The fact they have not, indicates a system in chaos-or one in which the principal players are intent on profiteering.

Publius