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Why Oil Prices Are Headed Far Higher

Written by Gary North on November 16, 2011

The idea that the USA can ever become oil independent is a myth. The US has lots of coal and natural gas. It does not have much oil.

The recession hit US oil consumption like a sledgehammer after 2007. Meanwhile, there has been a slight uptick of oil production in the US. But there is nothing like the production of 1970, and there never can be. The oil is gone. Americans consumed it.

The Third World is becoming the Second World, heading for the First World. The driving resource in this transition is oil. The Third World is consuming more oil. But the developed world is decreasing oil consumption due to the recession and weak recovery.

There is going to be a boom in oil consumption, but not in production. Production has been flat for years. The North Sea oil is now running low.

There is no question where oil prices are headed as the world economy grows: higher.

As prices rise, there will be new energy sources. But this will be a slow process. In the meantime, the budgets of tens of millions of Americans will be squeezed. We are energy dependent. This will not change. Only if there is a nearly miraculous technological breakthrough that is not foreseen today can this be reversed.

There are a lot of myths about American oil independence. Don’t accept them without looking at the facts.

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129 thoughts on “Why Oil Prices Are Headed Far Higher

  1. I appreciate, cause I found exactly what I used to be having a look for. You have ended my 4 day lengthy hunt! God Bless you man. Have a great day. Bye

  2. This is a lie.

  3. This article is total BS. The US and Canada have more oil then the entire Middle East combined.

    We just need to remove the White House usurping Marxist Muslim and the Communists who have infested the Senate.

    Better days will come if we can accomplish this goal.

  4. Is there a reason that desiel fuel is almost a dollar per gallon higher than gasoline when it is supposedly a cheaper fuel to produce?

  5. Your Economist is full of SH*T!!! The United States is the largest repository of oil in the world. Environmentalists like Obama, over the years have not allowed us to drill it. Hell, we can't even drill off our own coast for goodness sakes. Brazil & Cuba are taking our oil out of the GOM. This is pure, unadulterated BULLSHIT!! I'm in the energy business, I know what I read & I know what's out there.

  6. The oil is NOT gone, its just that some in this country dont want us to have or use it is all. Do your research before you spew.

    California is a good example of DUH. They wont use their neuclar power plant, but they will buy power from Teaxs, the same type of plant and then complain what they are charged.

  7. Total false article, I worked in the oil industry 20 plus years. There was no shortsge in the 1970's, ther was a glut of oil. tHE SOLUTION TO THE GLUT WAS CREATE A FLASE SHORTAGE AND DRIVE THE PRICE UP. We serviced wells in West Texas, had a driller with over 200 producing wells that were capped because of the glut.

    There is enough oil in Alaska to supply the US for over 100 years.

    Go ahead people and continue to believe the lies from the media and Washington, there is no shortage, just greed from governent and oil producers.

  8. This is article is so wrong and ignorant. The US has more oil in the Bakken oil shelf than we could use and they are drilling for it right now. I am a supporter of natural gas vehicles, but the facts are facts.

  9. Even that about oil is a myth. If you keep up with investment news you'd realize there has been massive finds in North America as well as other parts of the world other than Arabia.

    The shortages/prices of oil are due to a two fold matter. Government manipulation and controlled flow for profit by major oil companies.

  10. This is a lie …..Alaska has areas that would out produce the Prudhoe bay field. And the arctic holds more… but since "scarcity" brings more money and excuses .. why give Americans work when you can starve them, deprive them ? why do you think technologies are shelved. Proven in '68 the fuel efficiency of gas burning carb could be re-engineered for better consumtion was down played. A study by shell. Wars are waged over oil for a reason. If you fail to do your homework you miss the facts. And your left as a helpless sheep awaiting commands to go off to war, for a product that is used illresponsibly , at a rate chosen for you to pay, and terror was the scape goat clouding your vision. The oil produced in the US, coal, steel goes to japan . why ? And we ask Brazil to produce more for us. Brazil is close to Hugo. Watch.

  11. America has untapped oil in Alaska, off the California coast, off the Virginia coast, off the Florida coast (seems Cuba and Russia are drilling there), oil finds in Colorado and the Dakotas. Anyone remember the mother-lode found in the Gulf of Mexico? This Administration has not approved the pipeline from Canada (so will Canada build a pipeline instead to the Pacific to supply China?).

    Our American leadership is either stupid or wants to take America down. The American voter keeps electing and re-electing these liberal radical idiots.

    We are our own problem.

  12. This article is bull. We have enough oil in alaska the gulf of Mexico and in Texas to last us till 2150. The problem is the idiot Tree huggers not wanting to drill for it because it might spoil the landscape

  13. Charles Newbury says:

    IF we stop buying all the junk from the middle east and start manufacturing in this country again the third world glut for oil will deminish as they will not be producing as much. We support the rest of the world buying thier good instead of making our own products.LETS PUT AMERICA BACK TO WORK!!!!!!!!!

    STOP BUYING FOREIGN JUNK ESPECIALLY CHINAS' JUNK.Really tired of all the junk made overseas and brought into this country.

  14. Robert Spoley says:

    Gas to Liquids (GTL) technology has been around since WWII. Thanks to Germany who ran out of fuel. The process takes CO2 from the atmosphere and methane from gas, goes through a process and over a cobalt catylst and produces the cleanest diesel on the planet at a very competative cost. SASOL has announced a feasibility study to put a 10 billion $ GTL plant in Lousiana this year and more in Uzbekistan. Chesapeake has announced a 2% budget commitment over 10 years to GTL technology. When diesel is combined with Volkswagons' TDI engine, the results are outstanding. This engine exceeds State of California and EPA emmissions requirements and mileage per gallon specs for the year 2050. Say goodbye to cng cars (brought to you by Jihad Motors), Wind Farms (Kill a Flock Today),solar pannels (pave the desert – nobodys using it) The U.S. Government is sooooooo behind the curve with payola to failed schemes that are inefficient on just about all charts.

  15. just who are we suppose to believe anymore? I have heard there is years and years worth in N. Dakota. If the govt. was smart, we'd use it and give the stimulus money to people to develope other sources. We aren't stupid like OHB likes to tell others.

  16. Jonathon Stopper says:

    This article unfortunately contains at least one major inaccuracy, that is the projected oil reserves locked up in the Green River oil shale formation of Colorado, Wyoming, and Utah. The projected reserves of this location alone range from 1 to 4 trillion barrels of oil depending on the extraction process. All that is necessary is the national will to extract it, which currently this administration sadly lacks.

    The second major source available to us has also been taken away by the current administration. The Athabascan tar sands of Canada. Instead of utilizing this resource, we have postponed even the building of a pipeline from Canada to the Gulf Coast refineries which was projected to carry 700,000 barrels of oil per day. Instead of easing our oil crunch and creating a number of jobs in the process, our President has decided to postpone the pipeline until after the election in 2012.

    Now Canada is considering negotiating with China in building a pipeline to the coast. Not only do we stand to loose this oil resource, we also stand to loose a number of jobs at a time when we desperately need them. So much for the Obama jobs program.

    The oil is there for us to use. The technology is there to extract it. We just need leadership that will allow us to do it.

  17. Richard Wagener says:

    Reason oil prices are going up because the Little Socialist J—A– in the White House won't let us drill for it. My suggestion is to throw the little twerp and all those who give him homage and have a (D) or RINO after their names out on their sorry rearends.

  18. No it because the stockmarket controls the price of oil and Polititions in D.C.and the oil companies rich get richer and the poor pay for it.

  19. need a car that runs off B.S. send it to Washington it run for ever.

  20. Where do you get your facts.

    I've seen what is out in the oilfields. Someone must be blowing hot up where it doesn't belong. Have you spoke with any of the large oil companies or even a few of the small ones? I bet you would hear a different story than what you are putting out. Anyway good luck in getting people to listen to you. Buying oil from over there is really putting our livelihoods on the line, don't you think?

  21. Economist… You don't know oil, I come from an oil family, we know where it is, more than you understand, the governemt, dem.s esp. Have put their foot on our throats, the cost is high from taxes and mad presidents etc, it gets really old watching people speculate with no real facts, you say you,ve got em' bring em…. All real oil men know the gov. Is determined to drain the old world first, after WWII, in case of another WW, they want plenty here at home, wake up! We all know oil isn't the only future, but it's not gone just hoarded for safe keeping… Why does the middle est hate us…we are oil vampires!

  22. Joseph Hunt says:

    The writer of this article is full of sh_t. The only reason America can not get engery independent is 1. the Government does not want to, 2. the oil companies don't want to. America has ALL the oil it needs, we export oil WHY??????????

  23. Gary North,

    Where did you get the information to back up your claim that we don't have enough oil?

    Your self-serving "news flash" will make greedy speculators happy (like yourself).

    How much do YOU have invested in oil? This "myth" you talk about will help raise the value of your "investment". I'm sure that makes you happy.

    The whole country suffers when the price of oil rises. You have now contributed to the damage being done.

    You should be ashamed of yourself!

  24. Lets get this straight. I have read There is an estimated 1 TRILLION Barrels of oil in North Dakota, Montana and Colorado. Even at 21 Million Barrels a day of consumption that is 130 Years supply in the Lower 48 alone.

    There is also more Oil in the UP of Michigan in Shale than in all of Saudi Arabia.

    The problem is for both of these is it is not easy to extract. But we are learning how, and we will figure it out…

  25. I don`t know how you get your infos; WE have 200 years with oil under our feet; but THE PROBLEM IS OBAMA: NO DRILLING IN U.S.A.; THAN HE GIVES BILLION TO BRAZIL * soros * to DRILL IN THE GOLF.

    This is why there is no oil in the U.S.A.

  26. Sorry for errors: BILLIONS; GULF

  27. I strongly disagree with you. We have oil resources all over and around the United States. What we don't have is the capacity we need in the refining of oil. I believe that we haven't built a new refining plant in over 20 years.

    The refining plants are working at only 70% capacity to artificially keep the price of gasoline high. If that was not bad enough we have so many different blends for summer and winter as well as state preferences.

    It's like baking 6 different cakes when you on have one baking pan.

    You need to clean the pan and start on the next cake.

    As you assert that we have so little oil in this country, I can name at least 4 oil men who would differ with you.

  28. Man, is someone really un-informed. There is a 200 to 300 year supply of oil under the United States. All we need is a President who is an American to make sure the fields are opened for use. We could be foreign oil free in a few years. And think of all the jobs this would produce! From workers in the fields and refineries down to the support peoples jobs. You know- construction, sales people, waitresses, mills, proffessional people,etc.,etc. Let's do it and make the United States great again!

  29. Raymond Shakir says:

    NONSENSE! We have more oil when combined with off shore reserves, Alaska, shale, sands and untaped mainland reserves than all the middle east combined! Where do you dig up these boob writers, under the enviro-wack, global warming, eco-green tree?

  30. According to a June 2008 article in Kiplinger Magazine, the United States has enough oil reserves to power the nation for upwards of three centuries. We are not running out of oil reserves– it's just that those oil reserves have been declared off limits due to decades of environmental lobbying of our politicians, especially those on the left. The article states…untapped reserves are estimated at about 2.3 trillion barrels, nearly three times more than the reserves held by OPEC.

  31. Shawn Waters says:

    You are incorect about US oil. There is plenty not only in the Gulf, Alaska, oil sands in the rockies like they have done in Canada & in many other states that we could tap into to hold us over for 100 years if nessesary, but that is not nessary!

    There are already other fuels out right now we can use! They are already out there! We can convert all cars & trucks to natural gas and it is Very Easy! Also we could power them by Hydrogen, the cleanest & most abundent gas in the world! If it were not for the enviromentelest & the loss of inovation in this once Great country it could be done.

    Not only that but it would creat millions of new jobs!

    People think that Hydrogen is just way to unsafe, not True!

    Using Hydrogen only takes a strongly built resilent tank to store it in. We have proved that this would work! If the people would get over there fears of something new & the inivatiors wouls just start making them we could be enegery independant in just a few short years while creating millions of new job's in this country!

    Some of the benifits about natural gas is it it burns much cleaner than gasoline, it dose not have to be refined from oil, it burns much cleaner making any enging run much longer. ( I worked for Super Shuttle for a little longer that 2 years back in the late 90's) The entire fleet on van's that we transported people in were converten into burning natural gas. Not only were they cleaner running but they would last hundreds of thousands of miles! We had several vans that ran over a million miles! The vans would fall apart before they would stop running!

    The best thing to use would be hydrogen not only because it is everwhere, but the only by-product (Exhaust)that is produced by it is the fresh water!

    On another subject we heed as a nation to change the burdomson tax structure & regulations that Washington has put on this country to get back to the once Great nation we once were!

    If we would just kick out the crear political class & put businessman & woman, farmers, people that have worked in this country wnen it was Great in Washington it would turn this mess that they have got us into around in a Very Short time!

    I have several inventions myself that would creat hundreds of thousands of job's. But with our tax structure & the regulations that we have it cost just Way to much just to get something started!

    One thing that all REAL AMERICANS should do is to go out of there way to buy AMERICAN products! I have owned 106 car's, trucks, motorcycles & about 80% of the cars were FORD's, all of the trucks were FORD's & all but 1 car & motorcycle were made in the USA!

    Back in the mid 80's I invented a 3 prong aproach where you could not steal any of my car's unless you had a forklift & picked them up & put them on a truck.

    I have talked to my best friend about investing into re-doing this project now, but again because of the taxes, regulationf & lawyers that would have to be invloved & the hurtals that would have to be jumped over he told me it would just not be worth it now!

    Can you just think of how much money, mownpower, time, insurance clames (that would be eliminated if car's & trucks could no longer be stolden!)

    I was in the local Sheriff department about a 2 months ago on another matter & while I was waiting for him there were two insurance men that had come in to recover a stolden car & another a truck. This could all be stoped!

    I have allot more I could write, but I am busy doing other thing's.

    Sincerely Shawn G. Waters

  32. I don't know where you did your research at but there is a lot of Oil in the U.S. enough to support this Country for at least the next 70 years. Between Alaska, the Golf Coast, the East Coast, thw West Coast, all the Oil Sands in North Dekota, and other States around the Country, not including free stand ing Crude under the ground. If Obama would get the all the Reg's out of the way this Country could have NO need of other Oil Resources from other Countries. These are the real facts, stop telling people we don't have enough to to be independent from other nations and that we have to use them, and that's why Oil prices will rise. The prices at the pump will rise becuase we do used these source for our oil, but we don't need them if Obama and the Democrats would just get out of the Oil Companies way to product the Oil we need. And to also make sure they sell the Oil they produce in the U.S. to the American People and not too export the Oil to other nation so they can raise the price at our pump and create a man made shortage of Oil from our U.S. Resources. Congress will need to make sure that happens.

  33. The fact is the USA is oil rich and the liberals just won't let us drill for it. Obama has capped off 30,000 wells. They want us dependent on foreign oil. It's called redistribution of wealth. The Liberals feel it's good to spread the wealth around as Obama said to Joe the plumber. There are desolate regions in the USA that have a 1000 year supply as described by the retired CEO of Shell oil who is described as the most knowledgeable oil man in the industry. China is drilling our oil off of our coast once again it is redistribution of wealth. It's all about a global economy.. Balancing wealth across the world. Take from the wealthy American economy and give to the poor countries.

  34. Amen!

  35. Bill Holtzclaw says:

    It's the required additives. Thank the Clean Air Board for that one!

  36. Couldn't have said it better. Thanks for stating the truth so clearly.

  37. Thank You, I Agree With You 100%!!

  38. The Reason is: Communist Environmentalist

  39. The opening comments are innacurate in this article. Yes, we do have lots of natural gas and coal but the United States does have oil. More oil than all the Middle Eastern states COMBINED. The only reason we aren't drilling for it is because the environmentalists, who are funded by the Saudis, are preventing the extraction of billions of barrels of oil, right here. Apparently, whomever wrote this is not paying attention. I live in Minnesota and I know people firsthand who have been working in North Dakota where one of those huge oil reserves has been discovered and they're pumping it out of the ground as we speak. In fact, North Dakota is employing so many people right now they have the lowest unemployment rates in the country at roughly 3.4%. Previously, the technology used to discover this find wasn't available. Now we have the means to find and tap those areas that contain so much oil, we could get it out of the ground for just $16 a barrel and it's light, sweet crude. Then we can tell the Arabs to take their oil and keep it where the sun doesn't shine. Doesn't it make sense that the Middle Eastern countries would finance the environmentalists in this country to prevent us from becoming an independent oil producer. If you think this is hogwash, check it out yourself. It's all verifiable, you just need to know where to look. Check out this website, http://www.usgs.gov/newsroom/article.asp?ID=1911

  40. anonymoose says:

    Progressives are in control and they're control freaks! Purge these s.o.b.'s out of the government and then get back to being productive!

  41. I just heard that same thing yesterday !

  42. Total lie. What's up with this? What planet is the author writing about?

  43. Who appointed this Moron as a Tea Party Spokesman? This is a great way to lose membership.

  44. Sounds like a leftie economist to me. Backing up the current administration and its policies, as they do. Not buying it. Seen too many reports detailing the amount of oil within the US which needs to be developed. The administration is stopping this to feed the Arabs more of our dollars.

    We'll see what is really true when the elections of 2012 are done and the pretender in the white house is gone.

  45. You're right about that, CaptTurbo! Total regime disposal and having new blood installed to remove lilly-livered RINOs like John Boehner and Eric Cantor, is the only solution to a declining USA. I'm ticked off with some so-called "conservative" talk show hosts afraid to criticize those spineless establishment Republicans. What's needed are more Mark Levin's who aren't fearful of speaking the truth!

  46. Joemichaelac says:

    You're absolutely right! This is a lie! The author of this article has to be a globalist, an Obama useful idiot!

  47. taxes are why diesel is higher in price than gas

  48. Don Mullen says:

    This article is a true load of garbage and I have friend who are in the oil business who own oil fields and drilling companies they have told me many times that if the government would just get out of the road we could be totally oil independent for the next 100 years and that is just here in the United states with off shore drilling and allowing all drilling anywhere oil is found in any of the states.

  49. You are 100% right.The author of this article either didn't do any research or is flat lying.We have huge reserves.The problem is the Obama and the tree huggers stoping offshore and federal land drilling.

  50. Amen!!The US geological web site confirms the vast reserves we have.

  51. Don't forget the commodity traders affect on oil prices.Some of these forcasts put out are by the big trading firms in house "experts"who like to create,on paper,shortages to drive up the price.

  52. You are right.31our leaders want to take us down and#2they are stupid for doing it.

  53. If it's a lie then state your case. You are obviously misinformed or you would be aware of this and that Obama has just tabled the building of a new oil pipeline til after the 2012 election which would have resulted in more oil for America as well as thousands of jobs. Politics at work with us coming in LAST!!!!

  54. One word GREEDY???

  55. GREED??

  56. Don't hold your breath until after the 2012 election, that is, if Obama is replaced as well as many in the senate. If not, we all might as well keep holding our breath and avoid seeing the darkest days that will ever hit our nation!!!

  57. I am surrounded by dormant oil wells here in western pennsylvania. our wells still produce but are not being operated anymore because of the onerous regulations of the department of environmental resources. I used to be employed operating some of these wells until the new rules shut us down.

  58. James Williams says:

    Well, you must first look at who uses the most fuel, yes fuel for the big trucks is a byproduct so it should be cheaper but there is a lot of is used so therefore the price is higher. Then you have to look at this Socialist bunch that are running the country right now they are forcing you to go to a more expensive energy. Anyway we are all screwed, it kind of reminds you of about 1937 or 37 when another certain had a better idea.

  59. Edward Shick says:

    You can not believe what you hear any more, We lie from washington and liberal news media , What is wrong , I have as on in Law that works on the north slope , He says there is plenty there ,, Then I have a son that works at Husky Oil Refinery and they are just getting a good start on Oil sands in Alberta a although He works at Lima + all the oil In Dakotas and Montana = shale in Rocky Mt. States we were blessed to have the natural Resourses we have ,, Just keep envirement kooks and Congress out and leave private industry create JOBs

  60. Wow, how can a journalist be so wrong about an article? I mean, isn't journalism all about "the facts?" Now, if the article said we do not have enough tapped oil, the author would be correct. We do not produce nearly enough of our oil due to politicians and the man-caused-global-warming BS. We have more oil than the Middle East and many other countries combined, and we'd be able to use it if Washington would get out of the way. I'm not much on conspiracy theory, but one has to wonder why Washington is working so hard against the American people in regard to oil. It really does seem like a lot of people in Washington want us to crash, and that's exactly the way to do it. Or maybe they really are just that lane-brained – who knows?

    If our country would stop selling to other nations and just provide our people with our oil, that would help. If we were to tap all our oil wells, we could provide the entire world with oil for quite a while. And we are finding that the earth produces its own oil over time, so prehistoric plants and animals are not the only origin of oil. Something else within the earth is producing it. So no, oil is not running out. This article is a whole lot of ridiculous. I don't see how people get away with printing stuff like this.

    Learn to read and research before you write an article and scare a bunch of people with completely false information.

  61. DoNotLikeObama says:

    Is this guy an Obama lover? The US is the richest country in the world and has the resources but chooses not to use them. This administration wants to give our resources away then tell us they had no choice but to enslave us to Dictator in Chief, BO. We need to become self-sufficient and drill/produce/use our own oil. Couldn't that be part of the jobs bill and put many people to work? The White House should be afraid of the unemployment line because next year they'll be on it.

  62. I don't know if this article was actually anonymous as it appears to be or if it was written by Gary North, Ron Paul's "original staff economist." If it's the latter, no wonder Ron Paul is such a goofball with people like this working for him. Either way it reads like a preview article for when the government takes over the internet. Not a smidgen of truth in it except for the part where it says oil prices will be going up soon. And that's not because we're short of oil. We're not, we have plenty of oil. What we're short of is leadership who will allow us to utilize it. Contrary to what the author says, we are not short of oil and won't be for the foreseeable future; we're short of drilled wells, thanks to our "dear leader" and the anti-American EPA.

  63. Eugene from Texas says:

    In my opinion, lie is only about the fact that our energy resurse can't be increased. If they want, they can do this things. But, the question is : They want ? Or, they prefere to rise the price of oil to get more money ? They don't care about the life of americans, I mean about what kind of life the american people is doing. They care only about of their moneys. This is a big true which is never unveiled.

  64. There is a little known process to where you can take Coal (yes we have alot of that too) and convert it into Gasoline. It was developed and used during WWII by NAZI Germany as they did not have adequate oil… So even so, maybe, just maybe we should look into this again.

  65. John in PA says:

    I agree with the others that we have more oil reserves than the rest of the known oil reserves of the World. I worked in the engineering side of the Petro-Chem industry and you can't tell us there is no more oil. Gary North works for Ron Paul? This lying crap is a good reason to ignore Ron Paul's desire to be president. Ron Paul believes in Global Warming, doesn't he?, and that is another bull–t political agenda, a total farce!

  66. Who in the hell is this so called "tea party economist", Gary North?

    What an outrage for this moron to equate himself with the tea party!

    He's full of it up to his ears and certainly must be an "enviro-Nazi"!

  67. Hendrik Van de Heide says:

    The real reason that oil is so costly is like it stated in the los angeles Times. I t has a long article I saved where it states the our Refiners export the astonihing amount of 895,000 Barrels of oil is exported every day!!!! If you all remember the half bree Impostor we have int the peoples House, the White House just after it took charge of Our America and ruined id while it steals itself to be a milllonaire. The disciple of Satan called centuries ago by our Beloved Lord Jesus Christ, the Antichrist told us that it would make gasoline so high in price, that our Citizens would not be able to drive their cars!! I hope everybody remembers this. So, now we know who is casing the high prices for oil and gasoline, including diesel oil, affecting all our costs for our Groceries and other foods… and aS PROMISED BY SATAN'S DISCIPLE ONCE IT HAD ITS POWER OVER OUR BELOVED AMERICA!!

  68. O.K. Gary North, just because you put it in print does not make it true.

    Print a retraction and go do your homework. Study for about 8 years and return and report!

  69. The oil prices are higher because the oil industry has set idle long enough to lull the consumers. There cash reserve is getting low with all the investments they had to make. Like padding both parties pockets for the coming election.

    The EPA won't let them have their way with the pipeline so, it's a show of what they can do. It's also time to buy back some stock from the upper crust to help with Christmas shopping. HO HO HO!

  70. This article/post is a bunch of ignorant crap.

  71. Sir incase you haven`t done your homework the U S has more oil that all the middle easter countries combines. What we do have is the EPA blocking us at eevery turn if we can get rid of the dam EPA we would have our energy problems solved

  72. We could be short of oil

    We could be short of water

    We could be short of food

    One thing the world has too much of are muslims, billions. They should be purged from civilization,

    As for oil. i believe it is abiotic and is constanly being produced by forces within the earth. First nuclear heat, then methane, then oil. Why else is oil found everywhere and at increadable depths where the sun never shone. Why does drained oil wells recover? Why has oil been found 20,000 ft down by the Russians?. Could we go back to whale oil? Perhaps we could burn muslim fat.

  73. Ron Wagner says:

    Natural gas vehicles , new and converted plus heavy duty trucks using CNG can add competition and help keep oil prices down. We now have plenty of cheap natural gas available here in the USA. This guy just wants to run up the price of oil. The USA is way behind in use of CNG (compressed natural gas) vehicles. The technology is well established in other nations, and our companies already make them overseas! There are even CNG pods that can be shipped to any service station that include a pump.

  74. Why is diesel higher priced than gasoline?? When Bill Clinton got into office as potus he and the democrats hurridly passed an energy bill that increased the price of diesel fuel and kerosine. In the insuing years many independent and small trucking companies went belly up, and of course the price of goods trasported by truck also went higher.. Billy C.

    , the friend of the little folk– not so much!

  75. This teaparty economist is very uninformed. We have more proven oil in the US than all of the mideast. I suggest he get the facts before writing this completely false article.If the president and his EPA czar would reform all of the regulations they have put on the drilling of oil, the unemployment would be reduced in no time.

  76. You are right John. I have a buddy that lives in N Dakota and he tells me they are drilling all around him in the shale and also on his property. It is much easier for them to recover the oil by using Fracking.

  77. It is cheaper to produce but the taxes make it cost more.

  78. In the mid 1950's I bought a diesel tractor. When the deliveryman brought my fuel, he said it was a by-product in the process of producing gasoline. It cost 11 cents per gallon. Gasoline at the time was 25 cents. But, as diesel became more popular, the price caught up to and surpassed gasoline in price. The oil companies were not going to let a popular item go by without cashing in on it.

  79. sego, you are right. I knew about the coming "shortage" at that time, six months before it happened! I learned about it at the time we were having "gas wars". I was skeptical, but I was assured it would happen in order to increase the costs from around 25 cents to 60 cents per gallon. I also was assured that when the price escalated to the desired price, there would be no more shortage. And it came to pass, exactly as I was told. There were train cars on sidings, barges, & ships loaded with crude, but held until the price increase.

  80. i kind of feel or think the same i think the governmet is going to buy up all the middle east oil which in the mean time but when thier oil is all gone then we will tap our supply and then the world is going to have to come to us for oil then maybe this country will get back to being nuber 1 but thats if the oil companies dont just keep it for them selfs and im talking about the money

  81. The problem is that, Government Regulations, red tape, corp. taxes are forcing our companies to go overseas to a much more friendly enviorment to produce their goods. You can rarely find all American made items anymore. Example: Obama is condemning incandescent light bulbs in favor of the energy saving (?) bulbs containing poison mercury. GE closes their plants here and open them in China.

  82. There is a reason the D's have a J*** A** as their symble.

  83. Larry, USN Ret says:

    Our president is not American. Putting Americans to work is not part of his plan.

  84. This article is bullshit !!!! America has more oil than any country, but the oil magnets of the US want to take every other

    countrys' oil before we use ours.

    It is not about resources—————–It is about GREED !!!

  85. This moronic pig thief had a chance to do the right thing, but chose to put it off. TransCanada Pipeline wanted to run an oil pipeline down to Texas, which could have saved us many hundreds of thousands of dollars and lower our gas prices quite a lot. They told odumbo that there was a time limit on this, and he put it off until after next years elections to make himself look good, but they now took it to China and will sell it to them. This could have put over 20,000 union workers back too work, and he didn't act now. This jerk says he wants to put Americans back to work, he is a phony from the word GO!!! As in, get out of office you stupid imposter. This jerk is a disgrace to this country.

  86. Clayton Chrisman says:

    I don't know who this guy North is but if the Tea Party is using him for info. on oil reserves in the US,they'er being taken for a ride down a long dark road. As most if not all the replys show we know more then he (North) does.

  87. Larry A McKee says:

    John as you may know, the prices quoted in the futures market is the price that Big Oil is selling oil into the market. Today it went over $100 and Big Oil sold their oil at $100+ into the refineries. There is very little true hedging going on at NYMEX. It is by for only speculaters who neither have any oil to sell and no facilities to accept delivery of oil. It is just a bunch of gamblers no different than Vegas. Big Oil can sell their oil at any price they choose. They simply hide behind the Speculators at NYMEX.

  88. Larry A McKee says:

    Big Oil has so much gas refined and in reserve they run out of places to store it. Reducing the price should make it sell better. Fuel effecient cars, people out of jobs has caused this back up. When they crack oil gas is the first come off. Desiel comes off third, as I recall, and there is a steady demand for deisel here and abroad.

  89. It is common knowledge, now, that 2.4 trillion barrels of oil are underneath the states of Ohio, Indiana and parts of Pennsylvania and Illinois.

    Bush had them drilling for seven years and the prediction was that it would take ten years to hit that oil, so, if Obama hadn't stopped all U.S. oil exploration, we'd be there in a few more months and Obama could have had oil independence come, during his watch.

    The only problem is this: He's a puppet for one or more of the countries, who hate American's guts and, therefore, takes his orders from them and THEY don't want to stop squeezing us to pay for THEIR oil exports (imported by the country Obama lied, when he said he took an oath to serve this country).

    So, instead of becoming the president, under whose watch America gained oil independence, we'll have to hope we have something left, when we can throw him (along with that ugly bag he took for his wife and the mother of his children) out of the White House, where they've done little more than squat, these past 22 months!

    So, until we get a REAL American into that office, who has the ability to clean up the havoc Obama will leave, we're in for a long problem.

    I am hoping the next president, who will, undoubtedly, be conservative (no idiot will elect another liberal after the jackass, who is in the White House, now) will be able to at least partially repair that damage!

  90. Mr. Gary North,

    Shame on you! Your facts and conclusion are not correct. Yes the Third World is using more oil. China in particular is using a lot more. That does not necessaraly created a shortage in the US. As so many other here have mentioned there is a lot of oil that we are NOT using because the government is not letting companies drill and produce oil from several important sources. It would seem like some are profiting from this so called "shortage" you alude to. Oil is a great resource. Much of the world uses oil in many products including gasoline and for fueloil. There is politics at work here very clearly to keep the price high. I consider $3.60 a gallon for regular gas to be about as high as Americans will pay. No $4.00 a gallon. People just won't pay that much. If we used all the resources we have gasoline would be down to about $2.50 a gallon.

    What is happening is there are new technology and now electric cars coming into the market place. I point to the Nissan Leif all electric car. In a few years there will be more. Oil companies are worried. The is clearly the future. Gasoline will fade away as more technology finds better fuels for piston driven cars. Hydrogen, and Liquid gas and gas from coal are all possible. There will come a day when detroit will make only electric cars and trucks. Diesels will remain for heavy hauling for a time.

    Shortages in oil? I don't think so.

  91. Hendrik Van de Heide says:

    IF YOU ARE SCARED TO PRINT THE TRUCE, YOU ARE SUFFERING THE SAme as the media, scared of the half breed impostere and its Waffen SS. As a survivor of the nazi holocaust, i know all about it. Nobody had any guts to attack the Fuhror Adolf Hitler. This Soules Impostor has the sam ideas as Hitler. Haven't you heard that Satan's diciple now wants to rake organs of living people, souns a repeat of History. I am an AMarican Patriot and have sworn MYDEFENDS OF OUR BELOVED CONSTITUION AGAINST ENEMIES FOREIGN OR DOMESTIC!!

  92. Alice Steinbacher says:

    So what is all this news I've been receiving that America has enough oil to keep us going for generations. They say that they have found sources in several American locations, North Dakota, is one. Where is this coming from if this announcement says the opposite????


  93. Guy Chiasson says:

    This is a load of B.S.! The U.S. has more proven oil reserves just on land than Saudi Arabia and Kuwait combined, the government, EPA and greenies just won't allow us to drill for it. That doesn't even include the massive reserves offshore on East, West and Gulf coasts. It would however take years to get it to market because we don't have the resourses, trained personnel,logistics,etc.

    It would put many, many people to work.

  94. I'm not sure about the 'pipeline' you're talking about. If you mean that slurry pipeline that is planned, that will go from the Canadian Oil Shale fields to the ports of Texas, then…here's what I heard and am thinking about.

    If that oil pipeline gets BUILT (may or may not happen) it will have displaced. chopped up, or just CONSUMED through "Public Domain" processes, a whole bunch of American landowners' property. And when that slush GETS to the ports on the Gulf, it will be sold to the highest bidder, and guess who THAT is these days….CHINA. So why is it even an ISSUE for Americans to consider….it's a Canadian Product, that will be consumed by CHINA ! ! The only people who will be negatively affected by NOT allowing that pipeline to be built will be the refinery companies, some of whom MAY be (not sure about this but it's predictable") MAY be owned by CHINA.

    We need to be UP on this entire IDEA….there will be TRILLION-AIRES created because of this pipeline, and five will get you ten the Congress will consider "Tax Breaks" for all the builders who WORK on it….and many of THOSE construction companies will no doubt be either Canadian or CHINESE owned companies…..the only way out is Nuclear….and we should be putting a TON of money into FUSION, hot OR cold.

  95. I'm glad you survived. You have some interesting points and perspectives but I disagree.

    The "actual" Anti-Christ, I believe, is a computer program that has been running the actions of the World Economic Manipulators for years.

  96. O'Vomit approved a two billion dollar loan to Petrobras so they could explore for oil off the coast of Brasil. George Soros is a primary shareholder of Petrobras stock. Go figure.

  97. Delta George says:

    You got that right, this is a bogus column, we have plenty of oil here in the US and in the land of Sarah Palin, Mark Levin is the only Talk Show pundit that has the cajones to call out those two frauds Boener and Cantor, the two"Lets Make A Deal" the hell with the American people.

  98. the pipeline is'nt going(since obobo drug his feet on that decision) to be built, the oil won't be auctioned to the highest bidder, the oil will go to china anyway. so whats your point?

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  122. Guest752 says:

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  123. Gary Smith says:

    So we have plenty of natural gas. Why has there been no development of using this resource for transportation as has been done with propane? I think the reason is that there is not much profit for Wall Street in developing a use for something that is plentiful! The reason oil price is high is due 90% to speculation on Wall Street.

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