The most fundamental fact about oil worldwide is that there is lots of it.

[megimoo]

A World Afloat on an Ocean of Oil

Considering how much untapped oil is known to exist, not just in the United States, but worldwide, one would think that its current price was some kind of anomaly and it is. It is more the result of speculation than anything else.

The most fundamental fact about oil worldwide is that there is lots of it. Though frequently overlooked, the ability to refine crude oil plays an essential role in the supply and demand equation. More refining capacity is needed worldwide. Finally, there's the fact that, in general, oil is very expensive to get at and often found in the most inhospitable places on Earth.

For sheer insanity, however, consider a nation that has an estimated 31 billion barrels of oil offshore of its coasts and 117 billion barrels of oil under land owned or managed by the government, plus 139 billion barrels beneath privately held land.

In just one area, a desolate place designated a wildlife refuge, there's an estimated 7.7 billion barrels untapped. The nation with this abundance of oil is, of course, the United States of America. Most of the areas where oil is known to exist have been ruled off-limits to any exploration or extraction by the government.

In the areas where it is accessible, drilling for it is hugely encumbered and often denied by the National Environmental Policy Act, the Clean Water Act, the Endangered Species Act, and the National Historic Preservation Act.

If, however, you connect the dots, you will have noticed by now that America's energy problems, namely the price of a gallon of gasoline or heating oil, is making everyone miserable thanks in great part to environmental legislation designed to make it impossible to access oil on both public and privately held lands.

Then, just to make matters worse, the government requires that every gallon of gasoline include the additive, ethanol, which reduces its mileage and increases its cost.

Further, we're told that Sen. Barack Obama, if elected, intends to seize "windfall profits." This is sufficient reason for American oil companies to decide to drill anywhere else. The last time a windfall profits tax was implemented was at the end of President Carter's term. It had such a negative impact on U.S. oil companies that drilling for oil domestically dropped dramatically. It has stayed that way since the 1980s. Their actual profits are now less than pharmaceutical, high tech, and other elements of the economy. Imagine how thrilled they were to hear Rep. Maxine Waters' threat to nationalize them.
http://www.familysecuritymatters.org...pub_detail.asp

http://www.familysecuritymatters.org...pub_detail.asp

[LogansPapa]

So have the political balls to change the legislation. End of Emergency. Stop talking and do it.

[Constitutionally Speaking]

So have the political balls to change the legislation. End of Emergency. Stop talking and do it.

Democrats keep voting it down. As much as you leftists try to claim otherwise, we live in a Democracy and George W. Bush has followed the rules.

He isn't king and cannot simply declare his will is the law.

[LogansPapa]

He isn't king and cannot simply declare his will is the law.

He can declare a national emergency. If he can stretch our military to the limit on questionable foreign engagements - he can do this. Daddy’s buddies couldn’t be making a nickel of profit off the current situation, right?

[megimoo]

Democrats keep voting it down. As much as you leftists try to claim otherwise, we live in a Democracy and George W. Bush has followed the rules.

He isn't king and cannot simply declare his will is the law.

Give it up, don't waste your breath talking to this liberal .THe BDS is strong and deep in this one !

[LogansPapa]

Give it up, don't waste your breath talking to this liberal .THe BDS is strong and deep in this one !

No, silly asshole - you need to know that the cost of fuel has NEVER gone up so high - so fast and that you’ll soon be looking back on "the good ol’ days" when gasoline was $5.00 a gallon! The signs of a crippling economy are already showing and the cost to move a container from China just went up to $5,600 this week. So get your head out of your ass and understand that this country has never faced this kind of perfect storm of economic burdens, the wars, the housing collapse, food costs going through the roof and illegal aliens - like this before.

[patriot45]

No, silly asshole - you need to know that the cost of fuel has NEVER gone up so high - so fast and that you’ll soon be looking back on "the good ol’ days" when gasoline was $5.00 a gallon! The signs of a crippling economy are already showing and the cost to move a container from China just went up to $5,600 this week. So get your head out of your ass and understand that this country has never faced this kind of perfect storm of economic burdens, the wars, the housing collapse, food costs going through the roof and illegal aliens - like this before.

That whole screed is from failed lberal policies, the libs and thier emotonal fixes for things always have those pesky unintentional consequences.

[LogansPapa]

That whole screed is from failed lberal policies, the libs and thier emotonal fixes for things always have those pesky unintentional consequences.

Almost - the decision to go into Iraq is pretty much the current president's baby, eh?;)

[Molon Labe]

Almost - the decision to go into Iraq is pretty much the current president's baby, eh?;)

It's very hard to convince people that perhaps Iraq wasn't the most healthy endeavor. Those "unintended consequences" are at work in current Republican foreign policy as well.

[patriot45]

Its still all old failed liberal crap, from Carter and Iran to Clinton and his inaction. Unintended consequences!

I blame everything on liberals!