A TV documentary on "Who Killed the Electric Car?"

[Tyler Durden]

Timothy wrote:

I'm sure you're aware that most of the crude we refine here in the US comes from Canada and not from the middle east.

Yeah, I have heard that before. 

I might have mentioned before already in this thread about how "we" are going to take oil sand from Canada, float it over water, I guess, to get the sand to separate out to the bottom and for the oil to float on top, and then the oil is going to get spun up in a centrifuge to get even more sand out of it.  Then all that oil is supposed to get sent down a new all stainless steel pipeline.  At some point the pipeline will branch off to the east and end up at a refinery about an hour's drive from here, where I live.

They are expanding the refinery to be able to distill this new oil. 

http://woodriverrefineryexpansion.com/

IIRC, from what I heard, the other branch of the stainless steel pipeline is going to keep on heading south all the way to Texas to another refinery down there.

so...okay...okay...

This is where I will readily admit that I don't know much about how oil prices are set.  It seems like about every third time the price per barrel goes up the talking head on the TV will say something like, "OPEC nations agreed to reduce production", thus artificially decreasing supply which as we all know from Econ 101, where it is supposed to intersect with demand, that's how the market price is set, supposedly.

So, that's what little I know about the pricing of oil.

Then couple that with this 60 Minutes segment:

http://www.cbsnews.com/video/watch/?id=4713382n&tag=related;photovideo

I think I am confused as ever.   

[Pathfinder]

he price of oil products tot he consumer is set by oil futures, not the actual cost of production. Just like a good many things in the country, we have become so effed up that the cost of something has nothing to do with the cost of something. True with cattle ==> steaks, true with oil ==> gasoline.