(gas prices) 4$ a gallon for gas! Whose fault is that?
The last big easy deposits of oil were found decades ago (North Sea, Mexico, Alaska) and while a lot of oil has been found since, it’s mostly of inferior quality and in difficult areas either geographically, politically, or both. Sabotage is part of it, but mostly it’s because the Iraqi government has yet to sign papers giving American oil companies the legal right to exploit Iraq’s oil. Obviously no American company is going to invest in oil they don’t have any legal right too, and even if they did sign the papers, there’s no guarantee the security situation is going to permit large scale cheap extraction of Iraq’s oil. So Iraqi oil is not going to pull us out of this oil shortfall anytime soon. Nowadays an attack on a few key oil facilities would make the price of oil spike wildly. read more
[Tags]oil, price, it8217s, gas, gallon, opec, gas prices[/Tags]