A move to higher oil prices would not necessarily generate corresponding gains in retail fuel prices, as new refining capacity has made petrol markets more competitive.

随着新增炼油产能使汽油市场竞争加剧，原油价格上涨未必会带动燃油零售价相应幅度的上涨。

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Barclays pointed out in a report on China energy demand back in October that improving industrial activities and new refining capacity in China are fueling the pick up in demand.

FORBES: China Wants More Oil

Bush said he would instruct the Energy Department to identify other federal lands that could be opened to exploration, support construction of new pipelines, expand refining capacity by tearing down "regulatory hurdles, " and commit billions to clean coal technology and hydroelectric power.

CNN: In debate preview, candidates outline competing energy policies

The Saudis are unlikely to bring new, lighter crude, or bigger refining capacity for their heavier oils, onto world markets until next year.

ECONOMIST: Why the Saudis are worried about the high price of crude