Sinopec's mostly a downstream refinery business, doing the unglamorous work of turning unprocessed crude oil into fuel, and its options for expansion are limited.
One year ago, an explosion rocked the Deepwater Horizon drilling rig in the Gulf of Mexico, killing 11 workers, sinking the rig, and releasing a massive amount of crude oil into the ocean.
Last night a cargo ship collided with a tanker carrying crude oil.
The US Coast Guard said it had sent investigators to confirm whether crude oil had begun to wash up on parts of the Louisiana shoreline.
Oil prices surged yesterday amid market fears that the Panamanian crisis could hit US crude oil supplies.
Futures contracts held by speculators were up 12 percent in 2010 through October, with sharp increases in bullish bets on crude oil, copper and silver.
Moreover, because gas is frequently encountered in association with oil, the production, refinement, transportation, and storage of crude oil is also a source of methane emissions.
China is rich in iron ore, bauxite, zinc, nickel, coal and crude oil deposits.
The price of the nervous situation ream aviation fuel of the supply falls short of demand increases soon even exceeded the crude oil.
"With demand vanishing across all key oil consuming regions, benchmark crude oil prices continue to plummet," said Merrill Lynch.
Their daily work is to refine crude oil.
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