Ping.
Once again, it is my understanding that we can only use 2% of what we have. Not that we only have 2% of the worlds oil. They are playing with numbers here while our people suffer and we support the Middle East, which hates us.
There might be oil but that doesn’t mean it’s cost effective to extract. The cheap to get out oil is already being tapped.
And how much capital is there around to spend getting at this oil?
These are the items rarely discussed.
If ever there were a time to switch to a majority nuclear power generation, this would be it. If the French can make it work (75% of their electricity is nuclear generated for the last 40 years) we can do it.
Or we can spend another 30+ years in costly wars and geopolitical intrique to get oil and still be in this same position in 2042.
It’s not a “supply and demand” thing right now that drives the oil...it’s a combination of speculators driving the oil Futures’ market skyward using the Middle East/Iran thing as a catalyst. Consumption (demand) is DOWN with near-$4 prices of gasoline, BUT, Supply is UP.....unfortunately, oil is trading well-over $110/barrel with futures being high-buck traded now.
if so then why is our goverment choking the h%$# out of us . they should let the free market have it.