How many of you actually think we are running low on crude oil?

I don’t think we are anywhere near running out of gas over there in those eastern countries I think it is just a way for oil companies to just keep getting richer and us get poorer.

3 Responses to “How many of you actually think we are running low on crude oil?”

  1. joe1max Says:

    The biggest problem is refining the oil. Demand is greater now than ever, but the worlds refining capacity has remained about the same. Unless more refineries are built OPEC can drill as much oil as they want and it won’t affect gas prices.

    The problem is no gas company has any incentive to build a new refinery. It is very costly, and will actually end up lowering the companies profits. So, they all wait for the other company to build the new refinery on their dime. This is not only American companies, but all gas companies. It is an aggregate effect.

  2. sarge927 Says:

    Are we running low? That’s a relative question. We still have a lot of crude oil stores on the planet, but the demand for gasoline has skyrocketed in Asia (particularly China and India). While it’s true that OPEC controls production and the oil companies can jack up the prices on gasoline at will (and have) we’re going to run out of oil eventually. Yes, I think the oil companies are making excuses to gouge consumers in virtually every country, but I also think we need to develop alternate fuel sources as quickly as possible.

  3. Cloudcity CC Says:

    I forget which comedian said it, but we ran out of $2 a Gallon oil… now we’re running into our $5 a Gallon reserves… once that runs out, we have plenty more $10 a Gallon oil to use…

    Prices are more to do with demand then supply; The oil is not going to run out (not in our lifespans, perhaps in a few hundred years, assuming no changes in usage), but we tend to use it faster then the oil companies can be bothered to get it out of the ground…