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Spider Jerusalem

(21,786 posts)

6. There's a very simple answer to that

Mon Feb 13, 2012, 12:05 AM

Feb 2012

"reliance on foreign oil" is at a decade low because Americans are driving less; road miles per person peaked a few years ago. People are also buying more fuel efficient vehicles on average. And corn ethanol accounts for a significant percentage of fuel used in the US, due to laws mandating blending of ethanol with gasoline. Total US crude oil production is at about 5.5 million barrels per day; total US consumption is at about 18 million barrels per day. Imports are at about 10 million barrels a day, give or take; the difference is made up by "natural gas liquids" and ethanol. The US STILL imports over half of all its oil; oil prices are set on international markets. The price per barrel is hovering in a band between $110-120; that's mostly driven by demand from China and the recovery in the US economy.

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Peter Orszag Sells Out: Fracking Boom Could Finally Cap Myth of Peak Oil (former Obama OMB Director) [View all] stockholmer Feb 2012 OP

If we are not on the down side of Peak Oil, then RC Feb 2012 #1

Precisely, RC. As soon as you start fracking shale, you are seeing the end of oil. JDPriestly Feb 2012 #3

One way or another we are going to asjr Feb 2012 #2

Reliance on foreign oil is at an decade low. Why is gasoline so high then? nanabugg Feb 2012 #4

Because the cost of production is so high bhikkhu Feb 2012 #5

There's a very simple answer to that Spider Jerusalem Feb 2012 #6