And yet there is an enormous amount of money added to cost of production by the mere fact that the oil is being transported an enormous distance from the site of extraction. Thank the EPA, no new refineries built since 1976.
Still a lot closer than importing from the ME though..
i imagine at some point we are gonna be off ME oil, doubt we will truly independent though, i foresee us buying from Canada and other places closer to home for as long as we are heavily using oil......
but the other side of the coin is the oil they are talking about like the Bakken formation and the other two here and some of these shale deposits where fracking is needed is its not cheap to get the oil out of the ground, yeah its there, and there is alot of it but it doesnt mean we are gonna see $1.50 a gallon gas again cause if it drops that far and stays there drilling here will come to a quick halt cause they cant sell it for that and make money while paying to drill new wells....
last number i saw, and this is 10 years old, is that oil needs to stay at $60 a barrel or above or you cant make money drilling here on the Bakken cause it costs more to drill than you will get selling the oil out of it....im sure that number is higher now....
