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  • Gold to Replicate Oil's Parabolic Move; 30-yr Treasury Yields to Soar  [View article]
    truthbetold says, "If we could produce 6 million more [barrels of oil] a day in the US or even 2 million, it would change things drastically."
    Sorry to burst your bubble, but these numbers are impossible. For instance, even if ANWR (Arctic National Wildlife Refuge) held as much oil as in the oil companies' wet dreams, the most it would ever produce is 780,000 barrels per day, 20 years from now at its peak.
    Remember, the U.S. consumes 25% of the world's oil, but we only have 3% of the world's oil reserves (and that includes ANWR and the Outer Continental Shelf). If we could produce 2-6 million more barrels per day, we would be the number one oil producer, more than Saudi Arabia pumps. Did you know the US is already the world's number 3 oil produceer, after Saudi Arabia and Russia, even though we only have 3% of the world's oil reserves? WE ARE SUCKING AMERICA DRY, EXTRACTING OIL SO FAST IT IS NOT SUSTAINABLE AT THE CURRENT RATE. Drilling more oil is like putting more straws in a cup -- it doesn't make your cup any bigger.
    Any nation with 3% of the world's reserves of ANYTHING can never expect to continue consuming 25% of the world's reserves of that substance for long. Especting, as you do "Mr. truthbetold" that the US could be the number one oil producer if we just drill more holes, is like expecting that North Dakota will suddenly become the world's orange grower if they just plant enough trees -- North Dakota doens't have the climate for oranges, and the US has already used up God's allotment of oil through our relentless drilling over the past 150 years.
    The only solution, like it or not, is conservation and energy efficiency (EE). You can put your head in the sand and pretend the US could produce more oil than Saudi Arabia "if we only tried," but that doesn't change geology or depletion rates.
    Face it, the US is in for a load of hurt from our glutonous ways.
    Jul 16 12:38 pm |Rating: 0 0 |Link to Comment
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