oh, I know supply exists - I was talking to my boss at lunch, and he says there's a 100 year supply of oil in the tar sands in Alberta alone - enough to power all of north america (including growth). there is also a ton in the arctic, unexplored areas of asia, and under the ocean floor. but it becomes increasingly costly to get to - while demand simultaneously increases.
And yes, our refinery capacity isn't nearly enough, but the arabs are nearly tapped out - they don't have an interest in $100 oil prices, because it makes alternative energy sources (be it tar sands or electricty) more attractive. If they were able to increase production, they would do so - but they do not reinvest their profits back into oil exlporation, it goes into funding the governments of those nations.
it's not just a coincidence that oil has hit $100 a barrel (although part of that is the falling dollar, since barrels of oils are priced in USD). There is only so much supply, so many available resources to extract that supply, and a whole lot of demand.
And yes, our refinery capacity isn't nearly enough, but the arabs are nearly tapped out - they don't have an interest in $100 oil prices, because it makes alternative energy sources (be it tar sands or electricty) more attractive. If they were able to increase production, they would do so - but they do not reinvest their profits back into oil exlporation, it goes into funding the governments of those nations.
it's not just a coincidence that oil has hit $100 a barrel (although part of that is the falling dollar, since barrels of oils are priced in USD). There is only so much supply, so many available resources to extract that supply, and a whole lot of demand.
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