It's still a limited amount of oil. It's the cost of infrastructure to extract, refine and transport that drives the cost up. That, and a lot of economic and political nonsense
It's still a limited amount of oil. It's the cost of infrastructure to extract, refine and transport that drives the cost up. That, and a lot of economic and political nonsense
While limited, the US, Russia and Venezuela alone could supply the entire world's oil demands for approx 24 years with known reserves that have not been set up for much extraction yet. They have about 800 billion barrels reserve combined and usage is around 34 billion barrels/year for the world.
While limited, the US, Russia and Venezuela alone could supply the entire world's oil demands for approx 24 years with known reserves that have not been set up for much extraction yet. They have about 800 billion barrels reserve combined and usage is around 34 billion barrels/year for the world.
50 CENTS. a gallon.
By the way, tell me again how it is that oil is getting scarce? Because if they're paying a normal rate of 25 cents a gallon, there either aren't very many drivers over there or there's more oil than people are letting on.