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8 dollars a gallon
- Thread starter Mandingo
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Joe Henderson
keyboard monkey. also, not actually Joe Henderson.
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actually, while pumping more oil would be a limited possiblity, global refining capacity is limited. No new refineries have been built in the US since the 70s, i think and many of them are outdated. The oil industry is stretched to the max, from drilling rigs to pipeline steel to tankers. Orders for drills - not a lot of companies make these - are filled up several years ahead. Yes, OPEC does limit output, but they don't control all of the oil that comes on the market. Russia has 11% of the world's production and it's not OPEC. Norway, with some 4% is not OPEC, the US, with about 9% of global production and 20% of refining, is not OPEC.
Also, while there's some possibility to increase production and there's plenty of oil being left untouched right now, a lot of it isn't worth the trouble at the current prices. Maybe when it goes up to a 100 dollars a barrel, it will be worth blasting wholes into the frozen tundra, but it just isn't viable right now.
Also, while there's some possibility to increase production and there's plenty of oil being left untouched right now, a lot of it isn't worth the trouble at the current prices. Maybe when it goes up to a 100 dollars a barrel, it will be worth blasting wholes into the frozen tundra, but it just isn't viable right now.
The Voice
Best in the World
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The top oil countries in the world are controlled by OPEC. We don't want to use all of our resources so we have nobody else to turn to. We don't drill all the potential oil we could because of this. There's more then just the United States wanting oil as well. We turn to the middle east for most of our oil dude.