In the aftermath of Katrina, I heard an oil executive sum up the status of his industry. In referring to the off-shore oil platforms in the Gulf, however, he stated that these platforms would soon be able to "produce" again, depending upon the extent of the damage inflicted by the storm
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people who sell me a Swiss watch: they didn't produce it! they provided the service of transforming raw materials! that distinction is not practical.
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The ooze is the product of their extraction, the extract. With the Swiss watch, those that sell indeed do not produce the watch, but do retail it, just as your local pumping station sells the refined crude.
My argument centers on levels of added value. To call the crude "product" is somewhat deceptive, though, I do admit, not entirely false. One generally associates the term "product" with varying levels of refinement, which gives the crude the more positive association with other refined and exchanged commodities. However, it is not refined; hence my reaction ( ... )
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It is mind-boggling to me (having spent time driving freeways recently) how powerful this oil stuff is. It'll be kind of wierd when it's gone.
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And when this crude, that has been so kind, is gone, it'll be more than kind of weird.
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My buddy just drove to Nevada on (count 'em) 15 gallons of gas in his hybrid car.
http://www.livejournal.com/community/wallstreet/46924.html
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