the world's largest oil reserves are in saudi arabia, second is iraq, and third is kuwait, then come other nations like russia, china, U.S., mexico, venezuela, indonesia, etc. OPEC is the Cartel where they price the oil in dollars, they sell only in dollars, but Iran wants to sell in Euros or Rubles. however, figure this out: OPEC controls the price of oil. saudi arabia is the leader of OPEC, but the only oil company allowed to drill and remove oil from the land is ARAMCO, American-Saudi Arabian Oil Company. therefore, the United States is also a member of OPEC by proxy. some one here is making large profits and blaming the arabs. lol.
The #1 country we import oil from is Canada. #2 is Mexico. #3 the middle east.
The things that really upsets me, is that we are sitting on enough oil to support ourselves and a bunch of wackos (IMHO) are preventing us from using it.
yeah, the white house says we cannot touch the strategic reserves yet. but if the u.s. government owns the oil, then the american people own it. so congress has to represent the people and release it to teach the others that we will not be victums any more. lack of money will destroy folks lives and hurt our kds, our homes, our families, everythign starts with lack of money because prices keep going up.
they say at three dollars a gallon canadian oil sands are profitable to mine. I believe the government is priming us with these high prices just for that reason. if we purchase soley from canada then the arab oil will surely go down in price.
Really, Cod? From what I heard, China and India are buying more than ever and creating the high demand. Not that they should be blamed for high prices...
There is a man, in Utah working on getting oil from shale and has already a great deal of success, there is enough oil in that shale to make us the big cheese so to speak, in oil production, another co. has already bought into his small co. and I beleive that the U.S. is on it's way to producing it's own oil, supposedly there are trillions of barrels of oil in shale deposits in our country, and we need to start getting it out. I am watching this little co. very closely (Oil-Tech) started by Byron Merrell, and his small bunch of stock holders, as I may just put my silver holdings into shale oil stock. This man has the right idea and is determined to succeed where the large oil companys have failed because they were going about it the wrong way, more power to him. This would make the U.S. the largest oil producing nation in the world.
forget about bonds, the only real stock worth investing in other than precious metals mining stocks, juniors, etc. are the oil and energy stocks and futures. except, not agriculture stocks seems good too. lol.
Sorry to be contrarian five minutes after joining this group but the era of cheap oil has passed and will not return.
Shale rock and tar sands have very low EROEI ratios. You could put a drill rig every 50 feet all over this country including contiguous waters and not come close to pumping enough oil to keep up with what we are consuming.
Don't listen to the MSM. To get a realistic understanding of the world energy/oil situation, read Kenneth Deffeyes, Matthew Simmons, and Richard Heinberg in that order.
Cheap oil is not an American birthright. The problem is real and going to get much worse. Denial is not a solution.
all i know is that in the 70's the price was high but there was no supply! remember the lines, the ration days? there's no lines now? every station has gas! in the law of supply and demand the rules have been broken! there is plenty of supply and plenty more demand for more money!
damm, burnt all my torches a few weeks ago, grab the pitch forks!
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