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RE: foreign oil, eh?
By Reclaimer77 on 6/27/2012 1:11:56 PM , Rating: 2
Not to mention, we've officially hit Peak Oil. From here onward, world demand will continually outstrip supply.

Oh please! We've been at "peak oil" for 30 years now. If I had a dime every time I heard we're at peak oil, I would be rich.

RE: foreign oil, eh?
By boeush on 6/27/2012 6:41:10 PM , Rating: 2
With your attitude and lack of awareness, I doubt you'll ever be rich.

Maybe you haven't heard, but there are about 3+ Billion people in Asia (between China, India, and the rest) who are racing to catch up to U.S. in terms of living standards (and that includes fuel consumption.) That's not counting Latin America, and inevitably (sooner or later) Africa. If you are fantasizing about this burgeoning demand being met by the falsely inflated reserves of OPEC, prepare yourself for a major let-down. And if you think it's going to be fulfilled by shale oil, tar sands, gas-to-liquids, coal-to-oil, or ultra-deep oceanic wells, prepare to pay $200/barrel in a not-too-distant future.

That's what Peak Oil means. It doesn't mean oil is suddenly going to vanish from the world. It means the price of oil world-wide is going to continue trending like this:

-- because all the cheap and high-quality sources are either dry or running down, and all the remaining ones are increasingly expensive to get at and refine. Additionally, the world will struggle just to maintain the current levels of production (replacing the depleting sources with new sources), even while world-wide demand continues to explode.

By the way, the last time oil prices were anywhere close to as high, was during the Iran Oil Crisis back in the 1970's.

In your highly educated and obviously non-brainwashed opinion, what's the excuse today?

