Gas prices are high, but regardless, we will run out of gas soon.?

Question

I understand the concept of supply and demand, but we're paying oil companies for what? It's not like they're going out and doing everything they can to find more oil. Technically, if there's nothing left, shouldn't gas prices go down? Does this not prove that oil companies are stealing our money?

What are your thoughts. What types of renewable energy are you keen on?

I am impressed by all your answers. For once it's not a bunch of "Because of George Bush" answers. Thanks all.

Answer 1

hey they need to go higher.. i will be happy when they are $10/gallon for petrol fuel for vehicles...people will walk and bike more, hence we will have a healther country...we need more
vitamin X (exercise).... there are parts in Alaska we are paying 6 to 8 per gallon...we get to thank an environmetalist for that....

people need to understand oil is used for other things besides petrol.. like plasitic and rubber.. the high grade oil is used to make consumer goods and the low grade oil with sulfur is used for petrol... so look before you buy an item; what took to make it and what is it made of... and it cost to recycle....and start walking... you will be healther and save on future medical bills...

plus the earth is making more oil..check out the reserve under florida ( it is larger then the one in the middle east). i know friends who have oil wells in nev. that have been dry or low and they are now full.....i live on the ocean in Alaska and oil comes naturally out of the ground down the beach... just like the drilling in Alaska the very few people know the facts....just think of a three bedroom house , double garage, two bathroom....well the oil drilling that is done in winter when then animals are not around is like a two slice toaster in size.....but the media puppets make it sound and appear much different... oh well....

Answer 2

There are a few issues here, so let me try them one at a time.

Supply and demand in many ways control the local fluctuation in the gas market, especially in the US with much more travel done in the summer. However, the oil companies and OPEC also influence this to a high degree by coordinating production, so they can maximize their proftis versus the production they are capable of at any given time. DeBeers, the diamond company, has much the same control over prices there, so that a new diamond find does not drive down prices.

Oil companies do a lot of exploration, but the problem they face is that areas that hold promise for oil deposits are becoming fewer and fewer. As such, the identified oil fields face increased pressures and depletion, at ever increasing rates.

Your statement about there being nothing left is not accurate. there are trillions of gallons of oil left in the identified deposits, but the point at which we will run out based on current consumption is no longer a theoretical figure. Prices will continue to increase as long as there is such dependence upon fossil fuels. This same result awaits the coal and natural gas industries as well, though they are not in nearly as desperate a shape as the petroleum based products and companies.

The oil companies are not necessarily stealing our money as we are getting a product, but there is a high degree of market manipulation in order to maximize profits for them. In some cases, prices are controlled to rise in a regular pattern, testing consumer reactions. If there is ever a swing away from oil dependence, the price tends to stabilize, but slowly. Then, after it has settled lower, but not back to original levels, it goes back up. The comparison would be taking 5 steps forward, then 2 backward. You will make a great deal of progress, yet still maintain the illusion of going backward in each process.

I think bio-fuels are our strongest option here in America. The American farmer is the most efficient in the world, and the current developments in ethanol show some promise. I would like to see a combination of hybrid powertrains for vehicles, coupled with an increase in the use of E85. After switching all vehiccles over to that, we can then continue changing the ratio of gasoline to ethanol until we are able to run off of 100% ethanol. I think the bio-diesel conversion also hold promise and would like to see more emphasis on those powertrains as well.

If we can work out a long term storage and elimination procedure, I would like to see more nuclear power as well, though the issues around this need more attention before any major increase in the number of plants operating currently.

Answer 3

u must remembera couple of things we use oil not only for gas but their are countless petroleum based products like plastic or tires. but any way gas should run out in less than 80 years even with the reserves that canada and venezula brag that they have/ any way since this is a carbon based universe this is a petroleu m based society demand would rise for a product that we almost rely excusively on if it were to run out. also there not stealing when gas was 18 -25 dollars a barel in the 90's and we were paying 75 cents pergallon in some places did we say that we were staeling then ... no. overconsumption plus the heavy industrialization by china has brought on this situation.

Answer 4

I guess that depends on your definition of soon. As gas is extracted from crude oil and we have only scratched the surface of our crude oil reserves, I would have to say the answer is no we won't run out of gasoline soon.

We have yet to tap into our nations oil shale reserves as at present it isn't cost effective. The amount of water required to extract it from the shale deposits alone would far exceed it's present market value, but that may change at some point in the future.

Oil companies are only playing up to the old supply and demand saying. They know that because of our dependance we can't live without it so they're just charging us what the market will allow.

Answer 5

Not in our lifetimes, and not our children's lifetimes. But oil is not renewable, so at some point, yes, we will probably run out.

And no, if there is nothing left and oil companies still have some, the price would increase. Supply is short so demand is high.

Answer 6

Not so much only the oil companies, but our government. There are a lot of politicians who have a great investment in overseas and domestic oil. Unfortunately different types of renewable energy are not cheap at this time (unless you walk). My suggestion; vote and vote well. Find out as much information as you can obtain (legally) about our elected officials, including where they put their money and how their families got money.

Answer 7

There is still PLENTY of oil on this planet. There is still lots of it overseas, & yes, we are getting fleeced. The days of cheap gasoline, in my mind, are long gone. There is more oil in Canada's tar sands than all the middle east. Also, environmentalists don't want to think about mining in Alaska b/c of what it will do to ruin the beauty of the state, but there is lots up there too.
I'm not concerned about running out of fuel at any time. There are already tonnes of advances in other forms of fuel (ie: Ethanol)...some the oil companies won't even let us know about. (Yes, I'm a conspiracy theorist...born & raised...to some degree.)

Answer 8

in school i was told that at the rate we were going, we would run out of oil completely in sixty years. gas wont go down because the companies are greedy and we need gas too much. gas companies keep the knowledge of new energy resources to themselves because they would lose money if the knowledge goes out. renewable stuff: sunlight-they could turn oil rigs into solar power collectors or build giant panels in the ocean near the cities. lightning-only if they find some kind of containment to keep the energy without blowing up because there's a lot of voltage in lightning. i was told one bolt of lightning could power a city for three years.

Answer 9

No one remembers this because they are embaressed, but the cover of the The Economist about six years ago was "Drowning in Oil" That was when oil was 10 dollars a barrel and they thought it was going down to five bucks.

I think there is lots of oil, maybe not drowning in it. You bet the oil companies are gouging.

Answer 10

Oil Companies, eg. Exxon gets 8 cents per gallon. The average state gets 16 cents per gallon and the Feds get somewhere around 20 cents, so you tell me who is stealing the money and getting the big profits! We have unlimited resources availible off shore and in Alaska, but you have environmental wackos like RFK jr. who lead the fight to block the drilling in ANWAR. A spot on the map the size of a postage stamp in alaska would meet all of our needs!