He predicts crude prices topping $150/barrel "are not unlikely" by the end of the summer.
In 2008, the year the recession began, the price of a barrel of West Texas Intermediate crude oil hit a record, topping a hundred and forty dollars a barrel; the price fell later that year, but it recovered relatively fast, reaching a hundred dollars again by 2011.
For a host of reasons, including strong demand, supply concerns, a lower dollar and the role of speculators, crude oil prices have skyrocketed now topping $133 per barrel.
It discusses different refining processes and refinery configuration, which can range from single topping for crude distillation to high conversion refinery for petro-refinery.
A few more generators are expected to be ready in the next couple of months, but the pipeline still won't be capable of delivering enough crude oil for conversion into diesel at the topping unit to run the generators.
Prices for U.S. crude oil are up more than 1.5percentThursdayay, topping $50 a barrel.
Crude oil prices hit their highest levels since last October, topping $75 a barrel.
With oil inventories dwindling around the world, and tensions rising with Iraq's Kurds, crude oil hit a record in New York trading on Friday, topping $84 a barrel at one point during the session.
The Exxon Mobil Corporation said today that its fourth-quarter income had increased 66percentto to $2.28 billion, topping Wall Street's estimates, as sharply higher crude oil prices pushed its revenue up 30percentt.
Simple refineries are often referred to as topping or hydroskimming plants since they only split crude oil into its main components and perform basic finishing operations.
