Ted S.
New member
- Feb 10, 2011
- 1,746
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We are hampered by the regulations imposed on us. I do not agree on allowing any industry to run wild unchecked, but the US has hampered the refinery/exploration process to the point the importing has been the easier solution. Another poster stated that the price increases are directly related to the "fear factor" of most commodity brokers. That posted is entirely correct and highlights just how fragile gas prices are to this fluctuation.
There are currently over 3000 off shore wells in the Gulf of Mexico. What many companies do when they discover a new source is to drill, then cap the well. Oil companies do this for many reasons. Mainly to keep production levels in check and also to guarantee that there is a future source. Essentially, so they do not dump too much oil into the marketplace at one time.
South Africa has been using.manufacturing synthetic oil/gas for many years. Brazil is completely self sufficient using their own ethanol based oil. Our problem has been our inability to become more self sufficient.
Yup. But the thing that upsets me the most about regulations is that we buy oil from fairly unregulated sources; they do not have to report/answer to any of our gov. agencies, but we buy the oil without asking questions. I'm not suggesting that we go hog wild with oil production, but I think our gov. puts us in a funny position about importing oil. They destroy the earth to meet our needs, but it's hard for us to tap into our many reserves, even responsibly, because the gov. doesn't want to offend a bunch of tree hugging Al Gore worshippers.