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Yeah, the gas prices are goin up and wont stop til prob $5 a gallon. All because everyone in the middle east wants democracy. Funny, we're the infidels, yet they want what we have. Now we have to pay for it. Here's a big fat F U to all the gas companies. Wonder what their profits will be at the end of the second quarter?
Just remember the government gets a much bigger share of the price you pay for a gallon of gas than the oil companies do.
Here in the US we still pay 1/3 of what majority of other countries pay in Europe.
People need to start writing their congressmen and tell them to DRILL HERE and stop relying on foreign oil.
Hate to tell you this, but congressmen don't drill, the oil producers do.
Like everything, people buy the cheapest first (the reason Wal-Mart & China have done so well). The U.S. has oil reserves, but it's more expensive than middle east oil reserves because of a number of factors, including the depth, difficulty & labor costs. When oil was cheap in the late 90's, U.S. production was virtually nothing. I saw wells shut down because it cost more to pump the oil out of the ground than it would sell for. Now that's reversed & rigs are out drilling new holes like crazy.
So yes, the U.S. has oil reserves & could be much more self-sufficient, but it would cost us more to do so than to buy the middle-eastern oil.
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