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During the Carter administration the oil depletion allowance was taken from the oil industry. The result, no new refineries built in America since 1976....I stand corrected.... Nobody is going to invest into any refinery unless they are able to depreciate it.....that's business...... Refineries are a capital cost in the ledger similar to transmission lines for the utility companies..... They don't earn a profit.... A utility companies earns a profit selling electricity by the kilowatt hour, an oil company earns a profit selling gasoline..... Since our refineries are running at peak production, there won't be any more gas avialable anytime soon. The kicker is that consumption is up, has been going up ever since the first oil embargo in the early 1970s....at a consistent rate..... Gasoline could possibly be $3 a gallon by the end of the year, and possibly $5 a gallon by the end of next year.... if not higher..... We either need to cut consumption, or increase production.... Its that simple..... To convert to fuel cells and/or hybrid cars, we'll need to build a huge amount of batteries, which are a disaster to the environment..... To convert to ethanol we'll need to farm more land than what's being farmed today to replace oil..... Hydrogen is a pipe dream, to create it we must use/burn more energy than what we get..... However, we are the Saudi Arabia in coal.... maybe we should convert to steam.....using coal...... Or maybe we should do the right thing and cut consumption..... It should be a crime against society for anyone to drive a car or truck with more than 4 cyclinders.....
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