@Silverchild79,
Okay boys and girls let us get an expert on oil and gas to comment, someone who works in the buisness and knows the ins and outs of production, reserves, and foreign oil.
Where oh where will we find somebody like that?
Oh right, ME.
I am the Vice President of Operations for an Oil and Gas company. No I am not just pencil pusher, I have worked on drilling rigs (The rigs that actually punch holes in the ground looking for oil) and on work-over rigs (Wells that are already drilled but need the equipment in the hole fixed repaired changed out whatever. I have also worked as a pumper (thats the guy who takes samples of oil and measurements. I have been a landman (works with the geologist s to locate more oil.
And now (for this same company as the rest of those jobs mentioned) I now handle the political and operating end of the buisness.
The alaskan reserves (that we cannot touch, is enough to run the united states current and future dependency for over 100 years. That is just Alaska. The only people who do not think that it does are enviromentalists, and the only people who SAY it doesn't is Saudia Arabia (They want joe american to think we have to get oil from them.) and BIG OIL companies (they like 3 dollars a gallon of gasoline). you take in account reserves (reserves are oil we know is there, estimated reserves, what geologists have said is at least down there still untapped, We have enough to run the united states for over 300 years.
Why do we buy so much foregin oil then why are we not sel sufficent. HEre is the reason and I do not like it.
It is more cost effective for us to sell our Oil to china and buy our oil from the mideast. I will give you fake numbers but you will see the point.
We can sell a barrel of oil to china for 45 dollars a piece, we can BUY oil from the mid east for 40 dollars a barrel (you follow this I am sure) Its a horrible circle but it is there.
I am not ultra rich, I only make about 70 grand a year, and the deficit of oil IS hooplah. While we will eventually run it , neither you nor your kids or your grand kids or your greaat grand kids will be around for it to happen.