Gasoline has hit $2.99 per gallon

originally posted by: AugustusMasonicus

originally posted by: TerrorAlertRed
But I have to ask. When was the last time the US bombed a country and the next day gas dropped a quarter?

Overseas petroleum reserves are becoming less relevant in the United States and we should end up becoming a net exporter of petroleum products by the end of this decade.

As for prices here in New Jersey, the station around the corner is $3.01 for cash and $3.07 for credit.

rense.com...

Although it sounds too good to be true, increasing evidence from the Gulf of Mexico suggests that some old oil fields are being refilled by petroleum surging up from deep

below, scientists report. That may mean that current estimates of oil and gas abundance are far too low.




t's been said that the Mideast oil was a finite resource and could last 40 or 50 years at best. Yet over the past 25 years, reserves have more than doubled. With no new wells geologist have been hard pressed to explain why and it appears there is no end in sight. These fields have been methodically exploited since the first gusher was discovered. Today, OPEC is pumping over 30 million barrels of oil per day.

Cook Island in the Gulf of Mexico and oil fields in Uzbekistan are other examples of wells that refuse to dry out. Many wells around the world are refilling.

joer4x4.hubpages.com...

A never ending circle it would seem