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Rich-
I agree with you that the market is over valued and driven by greed and speculation. Without cooperation from the oil companies and the government we will continue be at the mercy of OPEC.
What I would like to know is why a country that has as much coal reserves as the US can not set up some type of program for gasoline and diesel extraction from coal. Germany had developed this technology as far back as WWII to supplement oil for their war machine. Maybe it was because Hitler was not concerned with any environmental concerns and did not worry about sulphur, but we have the technology today to remove the sulphur.
I'm feel that the expense of producing a gallon of fuel from coal is not as cheap as refining it from oil and here in lies the problem.....As long as the "crack spread" is what it is now why should the oil companies change any thing they are doing. Maybe they want to use up all the world's oil reserves before tapping into the coal???
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