 |
         
|
Oil just will not leave the news agenda. CBS' Nancy Cordes covered the fuel surcharges for shipping imposed by FedEx and UPS. NBC's Bob Faw flew to North Dakota where new technology allows deep drilling for previously unreachable light sweet crude in the ranchlands above the Bakken Formation. Farmers are raking in royalties. "Native Americans wince when they think what might have been." ABC continued its Oil Crunch series with a confusing visit by Betsy Stark to the vast Motiva oil refinery in Port Arthur. Shortage of capacity for low grade so-called nasty crude has forced Motiva to spend $7bn on 450 miles of new pipe. "There is no denying that chronic shortages of refining capacity have contributed to higher prices." No denying? Listen to what Stark stated earlier in the same report: "Refiners say do not blame them for the $4/gallon you pay at the pump. Their share of it is just 35c."
