Does North America and South America have it's own reserves?

[EnderJE]

Given that Canada has it's own reserves for oil, then why does the mideast crisis cause the oil prices to increase? Couldn't Canada flood the market, drop the price, and take all the customers? Isn't the same true for Texas?

 

[Testosterone boy]

The answer would be lenghty. You need to break it up.

Oil is just where Cheney's masters wanted it to be. Feeding their machine.

Yes...I'm disillusioned with this admin.

 

[Grumpy Old Man]

Given that Canada has it's own reserves for oil, then why does the mideast crisis cause the oil prices to increase? Couldn't Canada flood the market, drop the price, and take all the customers? Isn't the same true for Texas?

most of the oil Canada has is from the oil sand. If oil prices keep dropping the cost of extracting the oil from the sand will not be cost effective.

Tewxas has been producing oil for a long time, as has PA, LA, MS, CA, CO, UT, NM, NV,AL,AK and a few other states.

So Cheney, wasn't around in the early 1800's so that line is bunk.

Canada can't supply the world Texas and Alaska have huge reserves.

The other problem with the oil scenario you laid out is that plastic, paint, ink, roads, fertilizers/cosmetics, and fuel are impossible to duplicate today without petroleum. Not to mention all the lubrication used in manufacturing and transportation.

Just think of all the grease that is used on a rail train axel and fifth wheels of all the trucks on the roads. Then think about every piece of plastic there is. We are screwed we get most of our oil from the middle east and gasoline from Venzelua.

Got to love Canadians though they look just like us and even speak some sort of english. eh?

 

[walliwalibus]

Eh? LOL Yeap so true man so true...... ^^^^

 

[Jocques Straap]

US Crude Oil and Petroleum Imports 2008

Oil Reserves - Scroll down, check out the chart

 

[beach_bum_dude]

Don't forget about the find off Florida, we started drilling it years ago and most of that goes into natl res

 

[Grumpy Old Man]

Don't forget about the find off Florida, we started drilling it years ago and most of that goes into natl res

Yeah and some of the numbers that we import go to the reserve as well. We get a lot of oil from the other North Americans and the US just keeps using petro products.

I personally like filling up 3 times a week, espescially since today I paid $1.97 a gallon, unlike a while ago I was paying $3.97

Damn Republicans we can blame that on them too.

 

[Razorguns]

Reserves are for national crises. In case u haven't noticed, if oil gets shut off tomorrow - society crashes.

Oil prices are set by THE MARKET. The oil you pump today, was purchased 4 months ago. But the prices you pay now, is for oil you'll pump in the future (lookup 'futures market').

I suggest reading some good books on the oil market. This is wayyy too complex a subject to sumup in 2 paragraphs.

r

 

[txbondsman]

We should be moving quickly to CNG, we got alot of that. The infrastructure of availability and the filling time should be able to be solved in a couple of years at the longest.

 

[hanselthecaretaker]

We better start tapping our own supply pretty soon. Although it is cool that gas is half the price it was a few months ago.