The Oil Myth

Myth: We have so much oil here in US, if only we drilled for it, gas prices would come down. If we have 100 years of oil underground and start drilling now, what happens in 100 yrs. assuming we still need oil for some things? Why not let Arab countries deplete their supplies first, then we will be in the driver’s seat. We talk about future generations straddled with debts of today… what do we tell them when we have no oil left because we wanted to have low gas prices today? If a for-profit company drills oil here and can sell it for $150/barrel overseas, how much do you think they will sell it to the US for? Unless we nationalize oil production in the US, don’t look for prices to come down anytime in the near future whether we drill or not. Capitalism is a supply and demand business. The

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