Is there really a inadequate supply of oil? or is that just propaganda being catapulted?

I'm under the impression that it's not the supply that is causing this humongous rise in gas prices, but the lack of value that the dollar has.Is there really a inadequate supply of oil? or is that just propaganda being catapulted?
Foxy always remember that there is always going to be a 'shortage'; of oil %26amp; gas cause that makes record profits for oil companys %26amp; stock holders worldwide every 4 month big oil makes zillions of profit of the ';shortage'; my question is why does government allow that. chow happy weekend foxy one f.pIs there really a inadequate supply of oil? or is that just propaganda being catapulted?
Bingo. You have already answered the question, in fact OPEC has revealed, and it has been confirmed and approved for mainstream news, that ';an increase in production is not going to affect the price of oil in the standard unit of exchange, which was the dollar. Inflation has eroded the dollar by 70% since 1913. This trend is not going to change and eventualy the dollars worth will crumble to nothing.





Labor is the only thing backing our dollar and one only needs to examine the manufacturing sticker on almost any piece of merchandise and it is easy to understand the decline. Blame government, blame monopoly enterprise, blame the central bank, but also blame yourself.





But, bravo to you for thinking for yourself, that is something that is currently frowned upon in inmoral society.
Not only is the oil supply under ground sufficient to last over 600 years at current consumption, we can actually make oil and gas out of waste materials. plastic bottles, animal carcasses, feces etc. all can be used to make oil %26amp; Gas.





Google thermal depolymerization and find out how.





Con Agra is already doing it at their turkey processing plant down south. We were supposed to have several of these plants up and running by 2005 but so far only 1 is running. And the cost of the final product is far cheaper than the oil we are buying today.
One reason given for the rise in oil is the value of the dollar, yet Europe suffers from the same problem.





I believe the speculators are the biggest cause of this. They just wait in the wings for something to happen that could potentially effect drilling. A bad weather report could spur an increase because the speculators will use this as an excuse to bid higher prices. Yesterday, a report came through that prompted higher prices because the Turks did a bombing run in northern Iraq, going after rebels of the PKK. Any excuse will do as far as the futures market is concerned. The higher they keep the price, the more money they make.





It would be interesting to hear a US government report about the Bakken Reservoir in North Dakota. Seismologists have recently revealed an oil find of 3.6 billion barrels of oil beneath this are, the largest find in the US, to date !





The oil found in the Bakken Reservoir is mostly shale, light crude. It will require horizontal drilling to eradicate this from the earth, but the process has already been developed.
Oil is a finite resource. If we were talking wood, we could plant more trees. But we can't do anything to increase the supply of oil.





Let's use an herb garden as an example. If you harvested leaves at about the same rate as new leaves grow, then your herb garden will keep you supplied with basil and oregano forever. (At least, it will here in Florida where winter doesn't kill things off.) But suppose you are harvesting more than your garden can replenish? Inevitably, you will eventually find yourself with no leaves to harvest.





The value of the dollar is an important facet of how we can compete with other nations who import oil. Many other nations besides the USA buy oil. If Euros, Yen, and other currencies are worth more than US dollars, then sellers of oil will prefer to sell to other nations instead of to the USA. This means American buyers must ';sweeten the deal'; with more dollars or else not buy the oil. I favor the second option there, but very few Americans are willing to embrace to hard personal changes needed to live a less oil-intensive life.





If the people of China expect to be living like ';Ozzie and Hariet'; (and many of them do), then it will take 8 Earth's to supply the necessary raw materials, like oil.
There is also a lot of supply that has been put off limits by govt command. We aren't talking about small reserves either,we are talking about huge amounts,in ANWR,off our coasts,etc. Right now Cuba is preparing,or may have started by now,drilling Oil between them and Florida,something US companies have been trying to do for over a decade. The ';Oil Crisis'; is a self imposed limitation,started by Jimmy Carter,and continued by Democrats ever since. We have more than enough Oil to drive the oil prise down by at least half,if we brought those reserves into play. Our Politicians choose not to do so,one has to wonder why.





AD
You're correct in your assessment. Don't forget though it's also the tree huggers who put us in this situation, not to mention consecutive terms of Congress who didn't have a backbone to stand up to these loons. We could supply our share of oil to the world economy too if it weren't for the environmental extremists.
the price of oil is based on a market system.





some dumb *** holes keep buying oil futures that keeps upping the price.





they buy based on what might happen not on what is happening.








this whole BS about not being able to drill here or build refinery's here is a joke.


Pro oil Republicans had control of congress for years with a republican in the white house if they wanted more refinery's they would have built more.





when existing oil wells run dry they will drill for new one here.


oil that is drill here does not mean it stays here oil is traded on a FREE MARKET
Yes and no. True, there's a shortage of oil being drilled at this time. We are not allowed to drill the oil reserves in the U.S., nor allowed to build any more refineries. This creates a shortage. One reason we are paying so much now for oil is because the world demand is increasing. If the U.S. bids 110 dollars for a barrel, and China bids 112, then the U.S. has to bid again at yet a higher price. And this is the No to your question. There is not a shortage of oil in this country. If the Green people and their Lobbying powers consented to us drilling here and refining with more facilities, then the market would become saturated and the price would come down.
Both statements are correct. There is plenty of oil and oil shale to last a very long time. In the form of ';Oil Shale'; there is more oil reserve in Wyoming, Utah and Colorado than there is in the Middle east. It is just more expensive to process.





As for the price of Gasoline, in ';Constant 2008 dollars';, the price of gasoline in 1949 would have been $4.00 per gallon.





Today, depending on what state you live in, the tax on gasoline is as high as 62.9 cents per gallon. The Federal tax amounts to 18.4 cents of that.





http://commonsensejunction.com/notes/gas鈥?/a>





Addition: I might add that during the 'Oil shortage of the 80's when we had long lines at the pumps (couple of miles) and rationing There were large tankers (Ships) loaded with oil anchored in the Delaware bay near where I live. They just would not bring them in to unload because the tank farms were full. The Oil Companies were storing Gasoline in the underground tanks of ';Closed'; gas stations. It is all just a Con Job! I never had a problem because I had a friend who had a station but mostly done repair work. He just closed his pumps rather than deal with the lines. I would go over at night and pull in sideways to the pumps and he would fill me up! There was no real shortage then or now!





Proud Vet
It is more about the supply and demand but speculators are driving prices high..





The value of the dollar has little impact as evidenced by the fact that during the current rapid increase in prices the dollar has been gaining value..
It's inadequate in the sense that OPEC is limiting quantities sold, and Bush refuses to release surplus oil. All this is done to keep the price of oil artificially up. Call it hoarding, if you will
Oil will eventually run out, but right now your point about the dollar is true. We also have market speculation from Wall Street that causes prices to fluctuate as well. And don't forget good old OPEC.
Both factors play a role but peak oil is very real as is the enormous hit the US dollar took.
the dems won't let us build any refineries


therefore there is a gasoline shortage


they are beholden to the environmental lobbyist


the dems are really screwing us
One of the problems is OPEC does not operate their refineries at 100% capacity. They could produce more barrels per day put they choose not to, to manipulate the supply/demand ratio.
For the past 35 years Big Oil and Big Government have used any excuse to keep the price of oil up. The oil shortage excuse has been used many times in the past.
I believe it is the lack of enough refineries.
propaganda totally, its OPEC fattening their wallets!
The oil shortage is real, and will continue to worsen in the coming years. We're past peak oil on this planet, and oil is getting harder to find, and the oil they do find is very difficult places so the cost of extracting it is very high.


China and India are growing at astounding rates, and their thirst for oil is growing accordingly, so that also puts big pressure on prices.


If you're looking for a book on the topic, ';The End Of Oil'; is a good one.