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Old 03-14-2011, 07:24 PM   #477
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The fact remains that the US uses 25% of the world's oil, while it holds only 2% of existing oil supply. So how exactly are we going to drill our way out of this? Do the math.

Guido
According to statistics from the U.S. Energy Information Administration, the United States produces about 10% of the world’s oil—about 8 million barrels per day.

Unfortunately, it consumes 14% more—24% in all. That amount comes to about 21 million barrels each day. [Baltimore Sun: “Oil Facts
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Old 03-14-2011, 07:45 PM   #478
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Warren Buffet

Warren Buffet says that we have more oil in the ground in the USA than all the mid-east countries put together. And now with improved drilling methods for shale oil we could free ourselves from the oil cartels. Apparently the oil companies have different ideas. Lots of oil would affect the price and profit so...
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Old 03-14-2011, 08:17 PM   #479
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HERE is the U.S. Department of Energy's Energy Information Agency estimate of proved reserves by country and region.

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Old 03-14-2011, 08:51 PM   #480
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HERE is the U.S. Department of Energy's Energy Information Agency estimate of proved reserves by country and region.

Rusty
According to this source and my math, US holds 2.5% of known reserves.

Guido
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Old 03-15-2011, 09:09 AM   #481
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Energy prices are down 3-5% on NYMEX this morning - see HERE. Dated Brent Spot crude oil has been trading over $115/bbl. Gasoline futures are down $0.15/gal this morning. The speculators probably see Japanese (and, therefore, world) energy consumption dropping for the immediate future.

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Old 03-24-2011, 11:15 AM   #482
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In our hometown in Arizona, diesel is now $4.20 a gallon.
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Old 03-24-2011, 01:29 PM   #483
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I'll bet that diesel hits $5.00/gal by July...
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Old 03-24-2011, 01:53 PM   #484
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I had to fill up my diesel in Santa Barbara this morning. OUCH! 4.49 a gallon.
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Old 03-25-2011, 12:45 AM   #485
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In our hometown in Arizona, diesel is now $4.20 a gallon.
Wow, up here in Prescott, it's $3.85. We're normally a bit higher than Phoenix and Tucson.
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Old 03-25-2011, 05:46 AM   #486
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We figure that with our diesel truck the cost of fuel could go to about $7.25 and we would still be breaking even (in our application the fuel mileage is almost 70% more than a gasser), gotta look at the bright side....
But, we don't have to squint at all anymore when looking at the bright side now-things have gotten alot dimmer.
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Old 03-25-2011, 08:42 AM   #487
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The people who worry about every thing that comes along are the ones who are setting at home wishing they had the nerve to go out and have fun.
I am going to live till I die Then I am going to live forever. Amen
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Old 03-25-2011, 08:57 AM   #488
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Live forever...

I also plan to live forever and so far it is working.
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Old 03-25-2011, 02:55 PM   #489
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My can do can't keep up with my want to.
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Old 03-25-2011, 02:59 PM   #490
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$1/mile before long. Now I gotcha worried.
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