where the crude is of sufficient quality to make kerosine (aircraft fuel) which trades at a premium.

Just like any other commodity which could be plentiful worldwide - OPEC dictates the UK and US export oil to countries like China who dont have it themselves, and we then have to import from Kuwait and Saudi for our own use. Doesn't make sense.

How much was you gas at the pump at the height of the Arab/Israeli war 20 odd years ago? When you could get it (they rationed it here) it was about the same price as now.

I did my economics just after that time and the oil shortage and butter mountains were good examples that people could relate to!

I wonder if there is a Moneymaker chip mountain somewhere