Quote:
Originally Posted by gunnut
We need to drill our own oil if we want to get that price down. More oil from continental US would discourage speculators from bidding up oil. What is the most stable region in the entire world? Right here. Our supply would be guaranteed, unlike the oil from unstable regions of the world.
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We do need to drill our own oil.
If you want more info on oil supply, go here:
Energy Information Administration - EIA - Official Energy Statistics from the U.S. Government
Per this site, the week of April 18th we produced 5.1 million barrels of crude oil that week. It has data going back to January 1983 showing that back then, we produced 8.6 million barrels of crude oil per week.
Not 100% confident on this, but I think I've heard that current worldwide weekly demand is something like 80-85 million barrels.