Here is whole lot of truth about gas prices, and to those that say: "the President doesn't set the price of gas"... pay close attention and maybe read it twice:
"You've been lied to by the President and his phony cronies, but I want to set the record straight. I'm going to tell you the truth, so pay attention"....
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FACT: There is enough recoverable crude oil within the continental US to supply current and projected future demand for 400+ years, and that's just the oil we know about. It doesn't account for future discoveries.
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FACT: We do not need to import a SINGLE DROP of foreign crude oil. The domestic oil industry can easily meet, and even surpass domestic demand. We've done it before, and we can do it again.
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FACT: The domestic oil industry currently cannot satisfy domestic demand due to oil drilling restrictions imposed by the federal government. That's a fact...
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FACT: The price of EVERYTHING revolves around oil, and the law of supply vs demand dictates the price of oil. When oil is plentiful, commodities are cheap. When oil is scarce, commodities are more expensive. Right now, domestic oil is scarce, and the price of everything is high because of these restrictions imposed by the federal government.
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FACT: We import foreign oil from countries that drill and produce it much cheaper than we're able to because they do not implement all of the environmental safeguards that we do. Their methods are FAR more destructive to the environment than ours are.
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FACT: Every year, the federal government leases tracts of land to oil companies so they can explore on it for oil. If enough oil is found during exploration, the company can then apply for a drilling permit which allows them to drill a well. If no oil is found during exploration, or if the amount found is not enough to be profitable the lease expires without ever being drilled on. Leases that are active, but not being drilled on does NOT mean that oil companies are being lazy, or are trying to keep the oil for themselves, etc. etc. It means they've either explored the lease for oil and found nothing, or found oil but it's not enough to justify drilling for.
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FACT: It’s not Russia's fault, or China's fault, or Ukraine, or India, or Venezuela, or Iran, or Bangladesh, or any other countries' fault as to why everything is so expensive right now. It's Joe Biden's fault, because he is suppressing the domestic oil industry for political gain.
EVERYTHING depends on crude oil... but you might not know that if you believe the lies that are being told about oil and the oil industry.
My sons used to work the rigs. They have told me the same thing. Critical thinkers both of them. It's scary to think that so many people in this country don't get it. I hope that more people read the facts you shared. We need to have people pressure our government in to lifting the restrictions and let our country get back to work producing more of our own oil.
Amen!
Actually, if they are repeating point #1 above, and thinking that is relevant to the discussion, then they aren't thinking critically, or at least don't understand the oil industry very well.
Proven reserves are basically irrelevant to the equation. (You have to have them. You can't extract something that isn't there. But beyond that they don't mean very much except to the company's stock price.) Oil doesn't exist in a nice puddle you suck up at any rate you want with a straw. It is stuck in porous rock that has an absolute maximum rate of extraction. It is very akin to mining.
Consider this. You technically have 400 years of reserves, but it will take you 4000 years to extract it. Do you see the problem? What good is a 10,000 gallon tank of gas at your local filling station, if someone hands you an eyedropper and tells you to fill your car? You're not going to get to work on time.
Flow rate is the critical parameter, not proven reserves. There are various modern technologies to improve flow rates from wells, but ultimately every well has a maximum. If you try to exceed that, you'll wind up leaving the oil stranded and inaccessible.
So whenever I see people talk about proven reserves as being significant, I know they really don't understand much about the real issues involved.
While I think I see what you're trying to say here, the reserves are a critical point to normies and stockholders both. You need to step out of your head and into a sleeper's brain.
Remember that normies have been fed lies about finite oil from alleged dinosaurs all their lives. They don't know that oil comes from algae and replenishes. They don't know there are massive quantities here in North America. When they can learn this, they can realize high prices are artificial and the flow is being throttled purposely.
As for stocks, knowledge of these massive proven reserves would spur more pushes to open them and investors would then be more confident in funding exploration and drilling, also funding the many companies that produce supplies and equipment for those activities. At least, once the America-destroying corrupt rats were out of the way.