U.S. Oil Reserves May Have Just Increased 50%

In one sense you're right...but on the national security front, it helps us greatly to have our own resources in our own territory. Some tinhorn dictator or deranged muslim cleric then has less leverage to hold the USA economically hostage.

 

For proof of this, look at the fiasco created by the governmentally mandated electric cars back in the 70's (or was it 80's?), and compare it to the new hybrids that were created by private industry when the market was ready for it. I expect to see fuel cell technology in the near future as well, but only when the market is ready for it.

 

But it's not going away, that is the point of Black Gold and the other studies that support oil and other so called "fossil fuels" as renewable resources.

But even if Galation is correct and it does all go away, the market will force the alternatives at that time, when they become economically viable. As long as oil is the cheapest way to get around then that is what we will use. When another energy source becomes cheaper (due to oil getting expensive or other resources becoming cheaper) then the masses will move to it.

In order for this to work all we need to do as citizens and governments is leave it alone. If we try to force unprofitable technology on the masses it will fail. Also if we penalize companies for being profitable, they will quit finding new sources of profit. As we look at foreign dependency and a shortage of production we need to ensure that oil companies earn large profits so they can invest in new technology. If we penalize them then they will just quit. Large profits for oil companies today leads to better, more dependable, and cheaper sources of energy in the future. Am I the only one that understands that?

 

As far as the environmentalists go about the Gulf of Mexico, I had a group call me & want me to sign a petition for Congress to be against off-shore drilling in the Gulf. The lady was aghast when I told her I agreed in principle about the environment but why should we tie our own government's hands when China is already there in the Gulf of Mexico drilling our oil out from underneath us. She got enough food for thought and actually sounded depressed by the time we hung up....:saint:

 

Has it crossed anyone's mind that the election is near and all of a sudden we hit oil reserves, gas is going to go down to $2.00 a gal. You think after the Election the oil reserves will become too expensive or dirty to go after and the price of gas will go to $4.00 a gal?

 

That was my point. The find does not affect US national security one way or another. [FONT=verdana, arial, helvetica]Petroleum is a global commodity like grain, copper, or soybeans. The market does not care whether it comes from Texas, Venezuela, or Iran. It's oil, and it commands a price of "X" on the global market.
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Cool, I learned something new. I had no idea the amount of oil imported from Canada. June 2006 crude oil imports to the United States (in thousands of barrels per day):

Canada – 1799, Mexico – 1734, Saudi Arabia – 1427, Venezuela – 1008, Nigeria – 996, Iraq – 617, Angola – 525, Algeria – 491, Ecuador – 288, it goes on from there. I knew Saudi Arabia would be high and I knew we got a lot from Venezuela, but I was surprised with Canada.

Posted by Ken H

:thumbs:

 

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Lady Eagle,
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