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An Alternative to Americas Gasoline Crisis
Posted on June 22, 2008
Last week saw the price of crude oil inch closer to $140/ BBL. Some economists believe the price rise is mainly due to the world oil supply shortfall of about 4 million barrels per day [MBPD]. Proof of the shortage can be seen in the production numbers of the largest US multi-national oil companies ExxonMobil (XOM) and ConocoPhillips (COP), which fell 11% in Q1 2008. Last week Saudi Arabia agreed to increase crude oil production by 500,000 BPD to offset world shortfalls. So critical is the shortfall and the sensitivity of the gasoline price, that last week the US Senate defeated the Climate Ch...
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