The US as of March 2011, the US has the largest oil reserves in the world!! 163 billion barrels or 90 years worth at current usage!!!!!!!!
http://dailycaller.com/2011/03/10/new-report-says-u-s-has-largest-fossil-fuel-reserves-in-world/Obama is desperate to "pretend" he is dropping oil prices and that is why he is head this charade of drilling until after he gets relected.
In 2008, Bush dropped oil prices from $147 a barrel to $32 by opening more drilling in 5 months.
Gas pump prices are driven by the "spot market" where people speculate on buying/selling contracts in the future. the bet (rightly so) has been that Obama will live up to his promise of raising gas prices to $5 a barrel. Only reality is starting to hit the clutz, that if gas stays where it is at, he will not be re-elected. Ergo, the false drilling shrill campaign until 2013 and then he cuts it off again to raise gas to his goal of $5 a gallon.
Drilling known reserves will kill the speculators and drop prices immediately. Known fact done before.
How stupid is it to let China and other countries drill right off our coast and not US companies.
FYI the oil companies make .02 per gallon consistently regardless of the price of a barrel. The difference is the spot market after it has been refined, not the oil companies.
BH
