We are not running out of oil.
OPEC is limiting supply by restricting production. That is being done for greed on the part of the OPEC nations.
World demand is growing due to China and India expanding their economies and bettering the lives of their people.
The environmental wackos in the USA have managed to block the USA oil companies from drilling for our own oil, in the Gulf of Mexico, in the Atlantic Ocean, in the Pacific Ocean, and in the desolate waste lands of Northern Alaska. This limiting of our own oil production makes us dependent on foreign oil and subject to these high prices.
We the people have the power to do something about that last one. We can demand the government tell the enviro ninnies to shut up and allow our oil companies to pump our own oil. Write your Congressmen and Senators, and let them know we are sick of these people ruining our lives.What do you think is the basis for the price of gas? Greed? India/China growth? Are we running out of oil?
yes,in my opinion I believe it is. Its also down to speculators in the financial markets pushing up prices at the slightest change in Global ';events';. by events I mean anything that mentions terrorist,
global warming, China, any excuse for a basis of extra demand or shortage of supply. That may not necessarly exsist. Just to create an atmosphere of fear and panic --to justify huge price rises.
I think we are running out of oil and the recent price rises are away of slowing demand for oil to maintain supplies for longer, at the expense of the end user.Yes new oil fields may be found ie; Antartica,but will not be enough to satisfy world demand . I believe Developed countries should share It's mistakes and new technology to poorer undeveloped countries and China to help them develop at a faster and more efficient rate in order to prevent a ';two tier'; global economy [rich %26amp; poor].
Its called mass inflation. You guys created it via being irresponsible with your economy. You Americans are so freaking dumb. Of course China/India consumption is going to increase. (prices have been going up at a steady rate, but not jumping insanely higher in a short period of time) But its going to be at least a century before any of them wastes as much as the west does per capita. This pretty much shows that the western way of life for everyone on earth is UNSUSTAINABLE. By the way, the world is hating this impact you guys created and I think its going to circulate commodities in a freaking decent currency in the future. Be braced for more inflation in the future American idiot!
In March we marked the thirtieth anniversary of the opening of the last refinery we built in the U.S. Look around you and try to figure out how many more vehicles we had added to the roads since the Carter administration. That's right. The Carter administration!
Then reflect that the refineries which do exist have to turn out over fifty different blends of gasoline to comply with existing Federal, State and local environmental laws.
Sure, we could build new refineries. There's a new one planned for the southern area of South Dakota. But, it will take ten years of work to prevail over all of the environmental groups and law suits to turn out the first gallon of gasoline.
You hit all three, to tell you the truth. It's that there is more demand and less supply. Oil companies know that it's running out and China/India have a huge middle-class now. At the same time, the executives at big oil are making record profits??!!??
Nothing to do with China/ India. It's greed. Both the Arabs and the American oil people. At least 25% of pump costs are in taxes...They've been pulling this BS since the early 70's when the first 'oil shortage' was thought up.
opportunity to make money,you would do the same if you wanted to be super power,politics the only way to stop booming economy to a grinding halt is up the prices so selling will be hard, the rich get richer and exploit the poor
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