[NEWARKCATHOLICFAN]

AGAIN SUPPLY AND DEMAND HAS LITTLE TO DO WITH THIS.



Retail gas prices are at their highest levels ever for this time of year despite ample supplies and declining demand.

http://finance.yahoo.com/news/gas-pump-p...13137.html

[RunItUpTheGut]

Theres always an "excuse" to keep gas prices high and there always will be.

As ive stated before, the whole reason we dont drill here IMO is because when the rest of the world runs out of oil we will hold the entire world in our hands.
However, i dont think they ever thought the economy would get this bad and would blow up like it has.

I was really surprised to learn from doing a little research that we have something like 20 times more oil here in the US than the rest of the world combined.

[vundy33]

Theres always an "excuse" to keep gas prices high and there always will be.

As ive stated before, the whole reason we dont drill here IMO is because when the rest of the world runs out of oil we will hold the entire world in our hands.
However, i dont think they ever thought the economy would get this bad and would blow up like it has.

I was really surprised to learn from doing a little research that we have something like 20 times more oil here in the US than the rest of the world combined.

Wow...you sure man?

[RunItUpTheGut]

^

I mistyped, i shouldnt have put combined.
I think i read somewhere, maybe on here that we have 22 times more oil than saudia arabia 20 times more than iraq and iran and so on.

Ill get the facts and get back to you.

[RunItUpTheGut]

I was a little off but not by far.
The U.S. has the largest oil reserve in the world.

- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen

[vundy33]

Yeah, do that. That'd be crazy.

[RunItUpTheGut]

^
Staggering numbers if you consider how we arent drilling here for our personal use.

[vundy33]

Wow..

[Wildcatk23]

How long have we had these Reserves?

[RunItUpTheGut]

^
Oil has always been here.

North Dakota, Montana and South Dakota alone has more oil in its ground than the entire country of Saudia Arabia does. An estimated 600 billion barrels lay in the ground of thos two states alone.

To be more specific, the numbers i gave you does not include the gulf, just the land.

[RunItUpTheGut]

•There is a massive 200 billion barrel oil field located in North Dakota, South Dakota and Montana. And it even gets better! Because of new horizontal drilling technology, it is estimated that this huge field may even produce up to 500 billion barrels of oil! The Saudi's are estimated to have only 260 billion barrels of oil, clearly putting America in the cat bird seat!

Got this from another site.http://magnoliazz.hubpages.com/hub/Ameri...udi-Arabia

[Wildcatk23]

^
Oil has always been here.

North Dakota, Montana and South Dakota alone has more oil in its ground than the entire country of Saudia Arabia does. An estimated 600 billion barrels lay in the ground of thos two states alone.

To be more specific, the numbers i gave you does not include the gulf, just the land.

Ahh, I was mistaken, I though we actually had a Reserve. Like a Oil unit put in place for a time of crisis.

[RunItUpTheGut]

^
Yea i see what you were saying.
I was referring to the oil we could drill.

Also, how many jobs could this create if we drilled?
Its beyone me why the government continues to let this happen.

[Wildcatk23]

^
Yea i see what you were saying.
I was referring to the oil we could drill.

Also, how many jobs could this create if we drilled?
Its beyone me why the government continues to let this happen.

It seems to create many jobs. But how many jobs was lost during the BP oil spill. HOw many companies was ruined?

I agree we should drill. But just at what cost?

[MustangSally]

Here's a good one


Kucinich Introduces Plan to Lower Gas Prices



Washington, Jan 18 -

As promised in late December, Congressman Dennis Kucinich (D-OH) today introduced H.R. 3784, the Gas Price Spike Act, which would reduce the price of gasoline.

Kucinich’s bill would address rising gas prices by placing a windfall profit tax on oil companies and use that money to provide tax credits for the purchase of ultra efficient vehicles and providing federal grants to reduce mass transit fares.

“Gas prices continue to rise, creating a hardship for the American people. At the same time, oil companies are making record profits gouging their customers. This bill would tax only the excess profits and create forward-thinking transportation alternatives,” said Kucinich.

Kucinich’s plan will not increase the cost of gasoline because it would not tax the price of gasoline. It only taxes excessive profits of refineries and distributors. Any attempt to increase prices to recover the lost revenue in taxes is simply taxed at 100% making the price increase worthless.

Kucinich’s bill would also:

• Transfer the revenue from the windfall profits tax to Americans who would buy ultra efficient cars, made in America, with a tax credit. These will be made directly available to the purchaser of a car that traveled over 65 miles on a single gallon of gas. Today, average cars get less than 30 miles per gallon.

• Establish a broad based, far reaching program to promote mass rail transit inter- an intra- city. The bill makes funding available to regional transit authorities to offset significantly reduced mass transit fares during times of gas price spikes.

[RunItUpTheGut]

It seems to create many jobs. But how many jobs was lost during the BP oil spill. HOw many companies was ruined?

I agree we should drill. But just at what cost?

With any profit, theres risk.
Its simple market strategy.

However, for todays times, i say no matter the risk, drill it.
BP has done a great job at cleaning up, which other oil companies would if it happened to them.
If it happens, clean it, if it doesnt than great.

You drop gas back down below two dollars a gallon, and this economy would get a huge boost.

[Wildcatk23]

With any profit, theres risk.
Its simple market strategy.

However, for todays times, i say no matter the risk, drill it.
BP has done a great job at cleaning up, which other oil companies would if it happened to them.
If it happens, clean it, if it doesnt than great.

You drop gas back down below two dollars a gallon, and this economy would get a huge boost.

It wouldn't drop gases prices a dime. OK mayne a dime but not that dollar we would love. Oil companies are making huge profits. There is no reason gas should be as high as it is. Its pure greed.

[RunItUpTheGut]

^
Agreed

[nky]

Gas is still one of the best energy bargins today.
By the way it's still cheaper right now than March 1981

[Wildcatk23]

Gas is still one of the best energy bargins today.
By the way it's still cheaper right now than March 1981

It was actually higher in 2007 and Earlier in 2011, but i guess when adjusted for inflation it may be higher.

[nky]

Payed $3.19 this morning so based on $3.53 March 1981 numbers it's cheaper

[Wildcatk23]

Payed $3.19 this morning so based on $3.53 March 1981 numbers it's cheaper

Well its 3.69 in Kermit WV. 3.59 in Warfield Ky, And 3.49 in Inez Ky.

The reason i mention these is because this is my most common commute places.

[nky]

Percentage of U.S. family income spent on gas highest in 30 years

NEW YORK — It’s been 30 years since gasoline took such a big bite out of the family budget.
When the gifts from Grandma are unloaded and holiday travel is over, the typical American household will have spent $4,155 filling up this year, a record. That is 8.4 percent of what the median family takes in, the highest share since 1981.
Gas averaged more than $3.50 a gallon this year, another unfortunate record. And next year isn’t likely to bring relief.

http://www.nj.com/news/index.ssf/2011/12...ncome.html