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Ned Potter is the science correspondent for ABC's "World News with Charles Gibson." He has reported on such topics as space exploration, the human genome and climate change.
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Where the Oil Is
July 23, 2008 3:29 PM
The U.S. Geological Survey has taken a look around the part of the world north of the Arctic Circle, and in a new estimate, out today, it says there are probably "90 billion barrels of undiscovered, technically recoverable oil, 1,670 trillion cubic feet of technically recoverable natural gas, and 44 million barrels of technically recoverable natural gas liquids in 25 geologically defined areas thought to have potential for petroleum."
What do those numbers mean? The USGS says it could be 22 percent of the undiscovered petroleum on the planet -- 13 percent of the oil and 30 percent of the natural gas. There's a fact sheet HERE, and more at the USGS Arctic Assessment site HERE. They'll give more of an idea of how the estimate was made.
84 percent of what could be drilled is probably offshore, says the report. That makes it harder and more expensive to reach -- but if indeed more of the Arctic Ocean is more ice-free in summer than it used to be, there are fewer complications than there used to be. (See last year's report from the National Snow and Ice Data Center; it's HERE.)
One more bit of fodder, perhaps, for the debate about powering the economy in the future. But while 90 billion barrels sound like a lot, the USGS says that's the equivalent of the world's demand for about three years.
July 23, 2008 | Permalink | User Comments (68)
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If it's undiscovered, how do they know? . . . . . .
Posted by: DAVID NH | Jul 23, 2008 3:40:34 PM
Discovering and thus using this oil supply will help with one thing for sure. It should speed up the end of the world by (guess like this report) by say 54%.
Posted by: Jen | Jul 23, 2008 3:46:34 PM
DAVID NH ~ :0) funny!! like "hidden valley"... how did they find it?
Posted by: Moosedog | Jul 23, 2008 3:51:21 PM
Ned considering that in the next few year it is estimated we will be using somewhere close to a half billion gallons of oil a year ... and that because of population growth and industrialization will continue to grow...
those numbers aren't very reassuring for our grandkids
Posted by: dl | Jul 23, 2008 4:00:13 PM
And to think... less ice to drill through to get to it!
Posted by: Deep Release | Jul 23, 2008 4:10:59 PM
And to think... less ice to drill through to reach it!
Posted by: Deep Release | Jul 23, 2008 4:11:30 PM
David and Moosedog - good one. =-) It would sure save on the exploration expense if they'd just label those spots. =)
and dl - our grandkids will be smarter and more global thinking than we were.
Posted by: Lynne | Jul 23, 2008 4:35:44 PM
Go for it! It is out of reach of the village idiots we call Congress these days. We need to tap into every resource we can while simultaneously developing alternative sources in a drive for energy independance.
Posted by: exploreoutside | Jul 23, 2008 4:43:45 PM
D'oh! Hopefully it's in Alaska only... if people think there's oil in Canada, we'll be invaded for sure! (If you can find us on a map, anyway) ;)
Posted by: Mina | Jul 23, 2008 5:50:00 PM
There is nothing wrong w/ drilling up there to help us reduce our dependency on oil from others. But yes, at the same time we should be researching other alternatives.
Posted by: Life | Jul 23, 2008 5:54:13 PM
So if the planet continues to warm and there is less ice in the waters of this region, we can try drilling for more oil and continue the same habits that are warming the planet? That doesn't sound like a solution. The only solution is to focus on renewable energy and to conserve. It's pleasant to believe that there is a quick or relatively quick fix to this problem, but there just isn't.
Posted by: mary | Jul 23, 2008 5:56:46 PM
Well hello Antarctica, have I ever told you how pretty you look? I know I had been flirting with Middle East, but she means nothing to me, you're the one I want.
Posted by: Jay | Jul 23, 2008 5:56:54 PM
TO HECK WITH THE REST OF THE WORLD!
GET IT FOR THE GOOD OLD USA!
Posted by: GENE | Jul 23, 2008 5:58:04 PM
Anybody watch Ice Road truckers? helloooo
Posted by: kitty | Jul 23, 2008 5:58:09 PM
Yes Yes Let them drill -
China needs it!
Posted by: ghm | Jul 23, 2008 6:05:59 PM
Jay
"Well hello Antarctica, have I ever told you how pretty you look? I know I had been flirting with Middle East, but she means nothing to me, you're the one I want."
Jay I think you mean Artic...yeah I understand it sounds similar but are as different as mouth and ########.
Posted by: Jay | Jul 23, 2008 6:08:27 PM
I heard on World News Tonight that there are 1,000 new cars per day on the roads in China. Oh, and China has the "one child" policy. Makes me wonder how many new cars are on the roads daily world-wide. Simply put, there are too many people in the world today and our problems in general are going to get much, much worse.
Posted by: Lisa Again | Jul 23, 2008 6:11:14 PM
The re-do of Ice Station Zebra will have an oil rig instead of a satellite as the center of the story.
Posted by: Last Call | Jul 23, 2008 6:11:15 PM
So, that's 22% before reaching empty. It's better to start using renewable energy sources BEFORE we're on empty.
Posted by: giftedroot_1 | Jul 23, 2008 6:13:14 PM
The same government that told us there were WMD in Iraq?
Posted by: tom92645 | Jul 23, 2008 6:18:13 PM
Do both! Drill and Develop. Be careful though. If this story gets out the price of oil will go down for sure.
Posted by: LongT | Jul 23, 2008 6:19:22 PM
Why don't we just learn to not rape the earth...who cares about the "undiscovered" oil...we need to quit being natural resource hogs!!
Posted by: Kim | Jul 23, 2008 6:19:34 PM
There is no "one" answer to our energy problems. We so desparately need new sources of power and we need current sources of power to get us there.
Posted by: Kent | Jul 23, 2008 6:21:20 PM
Everyone screams Yes but did they read the last sentence? "But while 90 billion barrels sound like a lot, the USGS says that's the equivalent of the world's demand for about three years." Yeah, that will fix everything!
Posted by: obamamama | Jul 23, 2008 6:27:23 PM
The joke is on the ones who believe tdrilling off shore or in protected areas will bring down the price of oil. Oil goes on the WORLD market, not the LOCAL market! If the middle east wants to control the price, all they have to do is cut production to offset the increase. Wake up people. They WANT the oil prices to be this high, it's windfall time again. In Texas, at $30 a barrel, it's not worth getting out of the ground, but at $130, they want all they can get. Those old idle wells are pumping again. If you want to see what drilling will do to the environment, just take a little drive out to the Midland Odessa area...aka Bush Country, and you'll see the "footprints" it's called JUNK! And lots of it! We need renewable energies, not oil!
Posted by: Texas Lil | Jul 23, 2008 6:33:27 PM
It's not worth it for 3 years or so.
Posted by: Kyle | Jul 23, 2008 6:48:44 PM
To HECK with Renewable, go Wind and Solar for CLEAN Dammit!
Posted by: Patrick | Jul 23, 2008 6:58:11 PM
Everybody's talkin
Talk talk talk, Gore, Boone, Branson, the EPA, Senators, you, and me, every one talks about the problems. But little or no action is going on. Bush says the US wont do anything til he is gone. I see all the stars talking, but lip service oesn't make change happen. While alot of people talk about the problems, I see very few bold enough to take action. Boone, for instance: Wind and solar are very acceptable, but the notion of compressed fuel tanks in vehicles is not a real good idea to me. Do we really want to manufacture or alter a vehicle that can explode. Too much liability. One major wreck with a chain reaction explosion. And while you keep talking, these problem are getting worse. Carbon emissions and high fuel costs.
So, I am here to propose a solution. Efficiency and cleaner emissions.
Microwave Plasma can be used to ionize earths atmosphere into Nitrous Oxide and Ozone. Pollution compounds in the atmosphere are broke down to their elements, and solids such as carbon fall out. The Nitrous Oxide and Ozone can be used anywhere fuels are combusted. Exhaust gases can be recycled for reuse. The Coal and Automotive industries emit the most, so we will start with them first.
We can have commercial models this year. We are selling stock, looking for partners and a Power CEO. PurePowerCorp.com
You can stand around and talk til you are blue in the face, it is time for action.
Put your money where your mouth is. I have put myself on the line. We all have contributed to the problem. Who is willing to stand up with me.
Posted by: James | Jul 23, 2008 6:59:48 PM
Wow...this is staggering information...
(quote)while 90 billion barrels sound like a lot, the USGS says that's the equivalent of the world's demand for about three years....(end quote)
I will accept that as fact... but further up in article is what is truly mind boggling...
(quote)The USGS says it could be 22 percent of the undiscovered petroleum on the planet -- 13 percent of the oil (end quote)
You do the math... if 90 Billion barrels is equal to 3 year world supply AND the undiscovered oil is 13 percent of the oil on earth ... that means "we" run out in 8 years !
That doesn't bode well for OUR generation....
Posted by: TC_in_CT-USA | Jul 23, 2008 7:02:47 PM
Great, another reason to go to war. Who owns the Arctic? Hope it's not the Native Indians or palestinians, they already have had land stolen.
Posted by: Rich12 | Jul 23, 2008 7:05:14 PM
So...
The next war will be fought over who own the rights to get the stuff if its there!
Posted by: Anne | Jul 23, 2008 7:12:02 PM
We never learn. In the 70's, we went through an gas crisis and vowed to develop alternative fuel sources. Earlier this year, we made the same promise to ourselves. But, now we are spending vast resources to find and develop new oil fields. We never learn.
Posted by: Beto | Jul 23, 2008 7:12:22 PM
SO WHAT!!! LEAVE IT THERE. We have the technology for cleaner more efficient energy. Let's stop the madness and start using solar, wind and the myriad of other sources of energy....BECAUSE WE NEED TO BREATHE AND THE EARTH NEEDS A BREAK!!
Posted by: dee white | Jul 23, 2008 7:12:51 PM
See? Global warming makes drilling easier because there is less ice to drill through. So, if we burn more fossil fuel and cause more global warming, it will be easier for us to get to the fossil fuel so that we can burn more.
Until we run out, of course.
Posted by: incog-nito | Jul 23, 2008 7:16:13 PM
Like any other so called crisis it's all about the money. They want access to that oil and they will run gas prices to whatever it takes. Congress will fold because their lining their pockets with oil money.
Posted by: paranoid1 | Jul 23, 2008 7:27:27 PM
wow well if this is really there and bush didnt get the reporters to just say so then i tk we need to forget about it and go for solar and wind cuz if we drill there well were screwed and congress gets TONS of $ from oil companys so if mccain gets elected thats where shell and exxon will be on january 21 2009
Posted by: eco_dude | Jul 23, 2008 7:35:57 PM
Maybe this explains why Russia put a Russian flag under the polar cap so they can claim sovereignity over the possible oil site? If not, maybe Canada can lay claim to the territory!
Posted by: Thomas Gunn | Jul 23, 2008 7:37:13 PM
o and incog-nito, love ur idea except for the insane repercussions; extreme weather (hurricanes, tsunamis, ext) and well many many other things which will pretty much scr3w the nxt generation of humans
Posted by: eco_dude | Jul 23, 2008 7:39:27 PM
Since so many seem to have been living under a rock, let me point out that the Russians have already literally dropped their flag from a submarine on a ridge under the north pole considered a key area - they are claiming the ridge is connected to and part of their outer shelf and thus Russian property.
Posted by: Mickey | Jul 23, 2008 7:41:39 PM
We will never completely get off oil. Too many uses besides gas for your SUV. We should drill and ramp up production of alternative energies. Treehuggers should put their money where there mouth is and make serious pushes for alternative energies. We've been hearing 'alternative energies' for over 30 years. It's time to put up or shut up, treehuggers.
Posted by: Larry | Jul 23, 2008 7:47:31 PM
I think it is funny that all of those who post on here about the earth warming and how more oil on the market isnt a good thing are also driving their cars to work and using their AC at night to sleep in a nice cool bed. If all the idiots who think adding more oil on the market and looking for other means for energy at the same time are such bad ideas, then why not walk to work, live in a forest, and keep electing the same idiots into power who dont care about us, the tax payers. We need more energy, be it wind, solar, natural gas, coal, or oil. While we have a do nothing congress that lets oil sky rocket without doing anything to solve the problem and who have us in a housing crisis, again without solving the problem, then seriously dont expect anything to get resolved. Elect people into office who will do something to solve the problem. "W" isnt responsible for all the problems that we have. Congress has just as much power, yet would rather sit on the sidelines and watch our economy go down the drain and point fingers while taxing us for more money that we dont have. So please, quit complaining about our problems and do something good and help fix them. I am trying to figure out which of the two evils I should vote for. In all honesty, I will vote for the one who will provide relief now while putting a REAL plan in place to provide long term relief for the future. Gas prices are high, which makes shipping high, which makes food high, which makes all of us less wealthy. Think about it.
Posted by: Texas Native | Jul 23, 2008 7:47:42 PM
Let's be sure to hurry up and drill it and use it all up so as to be sure there is nothing left for our children and grandchildren. We shall be remembered as the generation of energy hogs.
Posted by: con me not | Jul 23, 2008 7:48:32 PM
Here's the bottom line: If we can get oil from anywhere except OPEC, even if it's on the Moon, I say go for it. I can still remember during the first war against Iraq, one of them Kuwaitis said "let the Americans fight and die for the oil, they want it." I pray every day that the people of America will stop being "tricks" for the rest of the world. But then, we hate each other too much to come together in our own interests.
Posted by: Hardlabour | Jul 23, 2008 7:52:49 PM
Texas native should remember that congress doesn't have votes to override gwb's vetoes in most cases to get anything done, depending on how his party feels like voting. it's absurd to blame this dilemma we are in on congress.
Posted by: dewey | Jul 23, 2008 8:00:39 PM
Trivial Pursuit 2015 addition:
Q. Name three major myths that were debunked in the first decade of the 21st century.
A. Anthropogenic Global Warming, Peak Oil and Barrack Obama.
Posted by: Consultofactus | Jul 23, 2008 8:25:02 PM
whoops make that edition.....my bad
Posted by: Consultofactus | Jul 23, 2008 8:25:37 PM
Quick, let's claim there are terrorists on the ice shelf with WMD so we can take that oil too.
Posted by: Matt | Jul 23, 2008 8:33:56 PM
Hardlabour - What part of our goverment puts forth the most bills, CONGRESS. How many bills have been put forth to vote on to solve our energy problems let alone our housing crisis? Who went on July 4th vacation while the housing crisis was going on, CONGRESS. We need a new congress, get rid of the bad, be it Republicians and Democrats, and put in officials who will solve the problem. We are going to have a new President, so why not have a new congress as well. We need to quit complaining about the problems of the US and put people in place who really want to solve them.
Posted by: Texas Native | Jul 23, 2008 8:40:02 PM
This is GREAT news!!!
Reading through these posts I am literally laughing at the number of people that think there is some magical energy that can completely replace oil. There isn't.
We are married to oil. Let me say that again....we are married to oil. Now let that sink in.
You oil haters need to quit thinking that oil is only used by evil suv's or whatever it is that you dispise so much and think outside the box at everything oil is used for. Everything, and I mean everything uses oil. Everything we do and use, for the sake of my conservation.
Finding and drilling oil helps us. No it doesn't have to hurt the planet. So cars use gasoline, big deal to you right. At least we have emissions to meet on cars today. Don't like gasoline cars and trucks? Make the emissions laws tighter. Problem solved.
Don't get me wrong. I too would like to see something other than oil to power everything. It isn't invented yet. Or should I say that nothing exists that is as cheap as oil. I like the one about hydrogen fuel cells myself. The real question is when do they become available???
Another great question is are the liberals present here willing to have mini hydrogen bombs on the roads??? Consequences for our actions. Of course I am thinking of auto accidents and what would happen to hydrogen. I could care one way or the other. I hear "alternative fuel now" but I'll bet you same people would be foaming at the mouth the first time a semitruck gets in a wreck and blows up a half mile radius. Just a hunch.
That brings me back to my point. I am all for something alternative but it doesn't exist yet. Electric isn't the answer for everything and everyone. Oil is cheap for the amount of power received from it. We are stuck on oil for a while. This discovery of oil and all discoveries of oil are great news. We should drill and use it. At the same time we can develope something else to eventually replace oil with.
Like I said earlier, in the meantime make the emissions laws tougher so the exhaust is even better. Look how far cars emissions have come since the sixties or seventies. A long way.
Posted by: Wedge | Jul 23, 2008 8:59:17 PM
The answer is not "more oil"; the answer is hydrogen fuel cell technology.
It'll cost more initially, but at the exponential rate of advancing science and technology, the enviromental benifits would be well worth it.
Posted by: DobermanSpencer | Jul 23, 2008 9:39:18 PM
wedge-"married to oil" sounds alot like The Singularity to me; oh and the "mini hydrogen bombs"...the Earth really is flat and man can't fly either my friend. (smile)
Posted by: DobermanSpencer | Jul 23, 2008 9:43:24 PM
Well, well, well, as in oil well... See, global warming has a plus side: The article says that if the ice melts away, drilling for oil may well be easier. (You can tell I'm such an awful optimist.) But seriously, just about all available oil should be carefully and responsibly accessed with utmost respect for the environment and with government assuring that strict environmental safety standards have been met. And the oil should be offered for the purpose of lowering prices until that which they have termed alternative sources of energy have become conventional resources.
Posted by: Jerry Rosen | Jul 24, 2008 3:00:11 AM
Um, James? "Do the math"? recheck yours, its 24 years. Still not a comforting thought but really, can't we teach math in schools any more????
Posted by: SomeMathGuy | Jul 24, 2008 6:59:25 AM
Sorry it wasn't James, my bad. I meant TC_in_CT-USA |.....please see above.
Posted by: SomeMathGuy | Jul 24, 2008 7:00:57 AM
The Oil, gas and coal companies are going to continue as they have in the past. We need to diversify our energy usage. But While we do that we can clean up the pollution too. When is the media going to look at the new technologies available.
Posted by: James | Jul 24, 2008 8:30:56 AM
LOL "nothing wrong with drilling" who can say that..
fools.
theres plenty wrong with drilling, plenty wrong with even using oil in the first place.. just that we have no other options to maintain the lifestyle people seem to enjoy so much.
I say we need a good global kill off to bring us back to pioneer days where the population was low and our contamination of the planet was very limited.
anyone who suggests drilling for oil is ok... is a fool
Posted by: Blair | Jul 24, 2008 9:33:51 AM
"But while 90 billion barrels sound like a lot, the USGS says that's the equivalent of the world's demand for about three years."
So, if 22% of the undiscovered peroleum will only last us for 3 years, then 100% of the undiscovered petroleum on the planet (i.e. ALL OF IT) will last us an extra 13.5 years... If we are smart and DOUBLE the efficiency of everything that runs on pertoleum products, we increase that to 27 years...
So let me ask every pro-drilling person here an obvious question:
What happens then?!?!?!
Although I don't consider myself a tree-hugger, this is one area where the numbers speak fro themselves... we're running out of oil, and we NEED alternative resources... the fact that these alternative resources will be helping the planet will be a beneficial side effect! Why is everyone so married to oil???
Posted by: namyzarc | Jul 24, 2008 10:19:00 AM
Wedge wrote: "We are married to oil. Let me say that again....we are married to oil. Now let that sink in.
You oil haters need to quit thinking that oil is only used by evil suv's or whatever it is that you dispise so much and think outside the box at everything oil is used for. Everything, and I mean everything uses oil. Everything we do and use, for the sake of my conservation."
----------------------------
So, why is it that, with strong conservation, the European Union nations have NOT increased oil imports in a generation? And, if you've been to Europe you know that even the poor countries like Greece have traffic jams and are "married to oil". And we've been so gluttonous compared to Europe (which is gaining on us in both GDP and standard of living) that we should have no problem reducing oil use.
Do you realize that when a good PHEV electic-gas hybrid comes out - and that's just a couple years away - most of their owners will fill up with gasoline once every other month and not much of our electricity is generated by oil?
Your "married to oil" statements are short on fact.
Posted by: Mickey | Jul 24, 2008 11:06:52 AM
Kim: rape the earth? Tell me, oh green one, what do you call it when farmers shred the soil and living plants when harvesting crops for us to eat? Are you not going to eat because the soil takes a beating? The oil is there so let's drill for it and use it. The wind driven car is really not here yet; heck even lithium ion battery operated cars are a decade away in mass numbers. What do you expect to do in the meantime? Think with the brain God gave you and stop hiding your head in Mother Earth. Most of the greens on this website share the same mentality about the earth as the caveman did; and look how well they did. DRILL NOW, DRILL PLENTIFULLY, DRILL OFTEN.
Posted by: stop2 thnik | Jul 24, 2008 3:08:25 PM
Awsome. Lets drill!! The likelyhood of coming with a magical alternative is looking like a joke.
Wind works until it's not windy.
Solar works until it gets dark.
Ethanol is the biggest energy joke. We now have inflated corn-on-the-cob prices and Saudi Arabia laughing at us.
Posted by: Mike | Jul 24, 2008 5:25:59 PM
Mickey - If you really like Europe so much, go there. We are NOT them. We went to war NOT to be them anymore. Remember???
Why can't you greenies think outside the box a little. I said EVERYTHING as in everything uses oil. You only argue some magical car will be oil independent, yippie. What about the trucking industry??? I don't think that they will be allowed to carry two 53' trailers. One of cargo and the second full of batteries. How about tractors? Police, fire and ambulance services? The trades, plumbers, electricians, contractors, utilities???
What's plastic made from??? What's shingles made from??? What's tires made from???
I could go on and on and on, I hope you get the point that we use oil, ie petrolium, for almost everything. That is what I meant.
So let's drill and use oil while continuing to look for this magical fuel to replace oil.
Posted by: Wedge | Jul 24, 2008 8:26:14 PM
Blair - It won't be funny when you realize that liberals can't last without electrisity.
Now you're wondering "How and the heck would he know?". Let me tell you about what I know.
I work as a lineman for an electric company. You know, the guy that comes out in a thunderstorm or ice storm to turn your lights on. I see all kinds of people.
Liberals tend to be the ones in a panic without power. How do I know they are liberals? Read their bumper stickers, look at them, listen to them. It's easier than you think.
I think they would die without power. They are so worked up when I get there that I feel that I should maybe call an ambulance for them. They panic about their water, AC/heat, cooking food, flushing toilets, showering, hot water, lights, tv, computer to name a few. By panic I mean they are very upset and emotional. Their adreneline is going becaue they are ready to spin circles with anxioty.
Conservatives, on the other hand, are very comfortable when their power is out. It doesn't matter if there is just adults without power or if there is a family with infants. They seem to enjoy it and make good use of things to cope until we get there. Sometimes it can go days to weeks till we can get everyone restored. Conservatives would like their power restored, but they are not in a panic and feel that they will die without it.
So, SURE, I'll take you up on your offer of thinning out the population and having to resort to the pioneer days. I know who will survive and who won't.
Posted by: Wedge | Jul 24, 2008 9:00:51 PM
I suggest going back to steam power.
Posted by: ryan | Jul 24, 2008 9:10:04 PM
Ryan, I'll do you one better. Lets go back to horse and buggy. The Amish do it just fine.
I don't know if you guys realise this, but even if we started drilling today, the WORLD MARKET won't see this oil for at least 3 to 5 years. Thats right, the World Market. The oil won't be sold just here in the US, it'll go to the highest bidder. China and India will likely buy up alot of it, as will we. Thats not a problem. Why? Because we have newer technoligies starting to become available to the masses. They are expensive at first, but prices will come down, as some time goes on, via trade ins and lower manufacturing costs. At that point we'll start weening ourselves off of oil for transportation almost entirely. We'll still need it for air travel, as we haven't figured out a better way to do that yet.
Then, we'll need to get off coal. What's the easiest way to do that? Nuclear. It's easy as that. The plants are safe. And reliable. There's been only 3 nuclear incidents that I know of, Chernobyl, Three Mile Island, and one Russian Nuclear sub. The worst was Chernobyl, but it was a poorly planned reactor. And we've learned from it. Same with the other incidents. We've learned from them. The US Navy has been using nuclear power since at least the 70s', probably earlier in the 60's. They've had no problems at all. And we've had only 1 incident here in the US, and that one wasn't all that bad. The only issue is the waste. Well, we store it. We store it until we have a new use for it, or a better way to get rid of it. We would store it safely, the way it's been stored for it's entire life.
We could start using other energy sources, private industry is trying to move that way, but is hindered by the government. That's the reason we've not had an explosion of Wind, Solar and any other alternative energies. Once the governmental block is out of the way, these types of energies will likely become more prevalant than coal plants. Then we'll start seeing a sharp increase in electric vehicles, and a decline in fossil fuel vehicles. Even with the new bio-fuels. They aren't economical. They take away from food production, we're seeing this now with ethenol. Since their being added to gas now, ethenol, we've gotted lower mileage, plus higher prices in gas, just so the subsidized farmers can make corn for ethenol.
It's funny how alot of our problems can be traced back to the government. Even the housing crisis was caused by the government, not lenders as we've all been led to believe. The government institued legeslation that made it legal for lenders to adopt the lending practices that have led to the housing crisis. Same thing for the rest of the economy. If they lowered taxes, the economy would be easier to fix. Businesses would be able to hire more employees, thus lowering unemployment, and people would be able to spend a little more, since they won't be paying a huge amount of taxes.
Posted by: Lawrence | Jul 25, 2008 10:42:36 AM
What are you driving home in, ECHO-DUDE?
Posted by: bombem | Jul 28, 2008 3:48:36 PM
I can not afford to heat my house in the winter with $5 oil. I can see the headlines this winter as people are dieing in their homes freezing to death because heating oil is too expensive.
I say drill. nuclear, clean coal and all green forms of energy we must focus on all solutions as fast as possible. Obama has this dangerously wrong. He wants prices to spiral up until we collapse then with riots in the streets he will declare martial law and become the first dictator emperor of a new america.
McCain wants to drill, nuclear, clean coal and all forms of green energy. I will vote mccain this fall for sure.
Posted by: DemocratNoMore2 | Jul 29, 2008 8:29:15 AM
Electricity is 1/4 the cost of oil, deivered (on a net energy basis), yet we still use oil. Hydrogen created from nuclear power could theoretically be quite a bit less expensive. And best I am aware, a tank filled with gasoline is significantly more likely to cause a huge explosion than a high-pressure hydrogen tank.
When do I get my hydrogen fuel cell vehicle? Oh yeah, forgot, there's not enough profit in it yet!
Posted by: Paul | Aug 6, 2008 12:09:38 AM
The key is conservation. We use 2-5 times as much oil per person as European countries. Just this year we reduced demand by 800,000 barrels a day over a year ago due to the high price. The great McCain/Bush idea of drilling everywhere only results in 1,200,000 barrels a day in 10-15 years while all other US production declines by a similar amount. We can easily conserve much more than that and not pay any wacko Arabs to boot. The key is to use less and produce more alternative energy since oil will run out.
Posted by: Steve C | Aug 13, 2008 1:32:49 AM
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