Crude OilWhere does the U.S.get crude oil?
Crude oil source. According to the US Energy Information Administration in 2007 28% came from domestic production 32% came from OPEC 13% came from Canada 8% came from Mexico 19% came from 81 other countries. The amount of oil produced in the United States , however, has been declining nearly every year since 1970. Although nearly a third of the oil in 2007 came from domestic oil production , U.S. oil production is down 81% from peak U.S. oil production in 1970. Oil demand in the US ,however, by has risen 266% since the mid eighties. The US is relying more and more on foreign oil and less and less on our own known oil reserves. Since, hundreds of billions of barrels of oil have been discovered in the US in the past twenty years, over and above the proven reserves already known, why isn’t oil production increasing in the US?. It is because US Democratic policy makers have set in place many restrictions and moratoriums on drilling in the United States, due to pressure from environmentalists, global warming activists and others, that have prevented the U.S. from tapping into these enormous oil reserves. Thus, we allow foreign countries - many that hate America, and that do not have environmental standards, to do more harm to the environment and create more global warming - AND WE BUY IT FROM THEM AT A HIGHER PRICE! Where is the logic in this? U.S. oil companies are also reluctant to invest in the new technologies often needed to extract oil from many areas where they are allowed to drill. These huge capital investments by U.S. oil companies would be at risk and vulnerable to OPECs potential price cutting.
However, the hundreds of billions of barrels of new oil discoveries in the United States (some estimates are in the trillions of barrels), along with the reserves that were already known , could drive oil prices down dramatically if Congress would allow drilling in these strategic areas.
Contact Congress - lets produce our own oil! |
