we have enough oil in the us to last 1000 years at current usage. what do you think
2007-12-02 16:56:32 · 5 answers · asked by West of Encino 7 in Social Science ➔ Economics
OPEC is selling oil for more and more. The oil companies buy their oil from OPEC. If the oil is costing the oil companies more and more, don't you expect that they will pass that price increase on to the consumer?
I don't know where you get your figures from, but I have never heard a reliable source claim we have a 1000 year supply of oil at the current rate of consumption.
2007-12-02 17:10:23 · answer #1 · answered by Zef H 5 · 0⤊ 0⤋
I think the only large amount of oil in the US is from oil shale which is very expensive to process. If we decided to use it the price of oil would still be high, but cheaper than middle east oil if you count the costs of the war.
2007-12-03 06:48:55 · answer #2 · answered by meg 7 · 0⤊ 0⤋
Equation that predict oil price:
world politics + falling dollar + OPEC apathy = High oil price
2007-12-03 07:32:10 · answer #3 · answered by stilot 2 · 0⤊ 0⤋
It's actually being caused by speculators in the oil futures markets. They are betting that there is going to be a major disruption in the supply of oil due to terrorist attack sometime in the near future.
2007-12-03 01:44:28 · answer #4 · answered by Hubris252 7 · 0⤊ 0⤋
really? then why are we in such a desparate need for oil in the Middle East. Maybe we do have oil but can we get to it?
2007-12-03 01:06:04 · answer #5 · answered by GoldFish 2 · 0⤊ 1⤋