Source: Reuters
Venezuelan oil production continues to decline, plus their oil contains a high sulfur content (Ie, they do not sell their oil at spot prices, or even close).

Hugo needs the Evil Empire much more than it needs him.

Shame on the liberals and spineless GOP’ers who refuse to let us get our own oil out of our own property.

15% of total U.S. imports is a lot of oil. Chavez should not be taken lightly. He may come off as a bit of a clown in his ravings about the U.S., but he has a fair amount of influence in Latin American countries. The question is who would he sell oil to if he cut off the U.S.A.. Well, waiting in the wings is the oil hungry giant of China. The U.S. is counting on the development of the Orinoco oil sands to fill in for declining Vensuala conventional crude, so it can be exported to us.

Even if the U.S. decided to recind all environmental protection laws and regulations and allow oil development without any concern for public health, it would do very little to alter our dependence on foreign oil. We consume roughly 21 million barrels of oil per day (mbpd), importing more than 60% of that total. Our nation reached its peak of domestic oil production in 1970. Even with the addition of Prudhoe Bay and off-shore fields in the Gulf of Mexico and elsewhere, U.S. production is about half of what it was in 1970, and continues to trend downward. We consume 25% of the total world production of petroleum. There is simply no way we are going to find and develop enough domestic reserves to make any significant change in this dependence - unless we opt to consume much less.

Walking is a good start, and you can kill two birds with one stone, tackle obesity and decrease the amount of oil you consume, thereby decreasing your dependence on oil giants.

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The truth is that we will not run out of oil for a very long time if at all. They make it sound like we could run out at any given day. Also the price of a 100$ barrel is just stupid and over all is just a scam. Oil prices are not that high. Also their is no reason oil will ever be that high. Read this.

Natural Resources, by William J. Baumol and Sue Anne Batey Blackman: The Concise Encyclopedia of Economics: Library of Economics and Liberty

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Also for not adding above the current avarge price for a barrle of crude oil is 71.68 USD.

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Also Join www.TheWorldPoliticalBoard.com A new World Political forum Owned by your's truely.

Wish I could agree. I hope I am wrong and you are right, but my study of this issue leads me to a different conclusion.

All up, we have around 30 - 80 years worth of oil reserves left, which is a large amount but because we use it up so quickly, the amount may even deplete quicker than that.

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did no one read that link i showed. Yes for the moment we are waisting away oil but when curtain estimations were made in the 90s they arnt reliable, Becouse we have grown in technology we have been able to get to places were we couldn't get by drilling 2 years ago. The point is as our technology gets better we can get more that wasn't considerd possible father back in history. Also as we get better cars the inovation's will get better right now lots of cars companys are switching to more effecn't fuel sources as well as higher miles per gallon, meaning that you have to buy less gass less offen. Now as this technology expands the need for oil will decrease causing the price of oil to be lowered and over more and more time we use less and less oil until we are relignt on somthing completely differnt. So its not nessicaraly out of oil gaurnteed.

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It is not an issue of technology - it is, instead, one of geology. Despite leaps in technology, the world continues to use more and more oil. Yes, cars are generally more fuel efficient than they were ten years ago, but that gain has been more than offset by increases in average per capita miles driven and in the growth in the number of motor vehicles on the road. The same is true across the full spectrum of oil utilization. Improvements in home construction has been cancelled out by suburban sprawl and building of larger residences.

Advancements in oil recovery technology has resulted in modest increases in the exploitation of the reserves in a given field. However, it has been found that these advancements tend to only marginally delay the inevitible peaking and subsequent decline of a reserve over the long term.

The real determing factor is the field itself. Once a given reserve passes the point where approximately 50% of it recoverable petroleum is removed its production goes into a long decline. This has happened on a local level (example: Prudhoe Bay), national level (U.S., UK, Mexico, etc.) and on a regional scale (North Sea, etc.). It is inevitable that it will happen - or already has happened - on a global scale.

Every oil producing country has used enhanced oil recovery (EOR) technology to get the greatest possible product from their reserves. This includes horizontal drilling, water flooding, injection of solvants and gases, etc.. It is important not to confuse technology with energy - and particularly oil. A pump pulling water from an ancient deep underground aquafer is only moving a resource - not making it. No matter how efficient the pump may be, there is a limit to how much water the aquafer can supply without going into decline. Oil reserves are like aquafers without any nenewing inflow.

Hence why we should walk more, no need for carbon based fuels there. (Unless you count food)

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