posted on Oct, 7 2010 @ 12:23 PM
reply to post by OllyP
I think this is a valid question. OPEC obviously decides the prices and drives them up and down. I thought I heard recently that it was up to 80$ a
barrel. do they know how much there is, exactly? And do they ration it out accordingly?
When the gulf oil spill happened and then the next rig explosion, I heard of a ridiculous amounts of rigs in the Gult. In the hundreds if not more. If
there is that much drilling in the Gulf alone, I can only imagine what the larger reserves are, such as the middle East.
That being said, usage also has to be conidered also.The US alone uses an obscene amount of oil.