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#11
May 24th 04, 04:18 AM
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"G.R. Patterson III" wrote in message ... Tom Sixkiller wrote: "Jay Honeck" wrote in message news:Ra1sc.10707$af3.571010@attbi_s51... When it is profitable enough then more refining capacity will be built. On the production side, the market is telling you that it is not very attractive to drill at recent prices. I was under the impression that restrictive EPA regulations had essentially halted new refinery construction? And any NEW drilling. And any existing well that ceases to produce has to be permanently capped. When OPEC drops the price down, an expensive well must either run at a loss or close permanently. Quite. And how many of those wells were capped using old technology that only extracted a fraction of what's down there? 
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