But the extraction costs much, much more than conventional wells. The oils being extracted are also in need of much higher levels of refining. Add to those base costs the elevated levels of profit to be accrued for all this extra work and you are talking about much, much more expensive final product.
The oil companies will raise prices exactly as far as they can, because that's the way business works these days. The only thing limiting the cost of fuel at the moment is the fact that our society depends upon it. Do the oil companies care that you will be spending most of your income to cover the fuel cost of getting to work? Not one jot. Only if there is a danger that profits will fall because people are unable to work will the price stabilise. We are, literally, over a barrel.
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