Forum Discussion
LindsayRichards
Apr 06, 2010Explorer
Over 70% of the price of fuel is the price of oil. The world price of oil continues to go up. This is a world market and the world is recovering from the recession quicker than the US. Refinery operations and refinery stockpiles do affect the price of gasoline, but not nearly as much as worldwide oil prices. A bbl of oil is worth the same all over the world (with some small local variations due to ease or difficulty of refining). When the recent much heralded approval for exploration (not drilling) was made, there was also a continuation of the ban on domestic sources totaled 16.5 billion bbls of oil reserves. This would replace all of our imported oil for over 4 years and save Americans about $700,000,000,000 per year. Much of this oil could be in our fuel tanks within 3 years. This would also produce hundreds of thousands of jobs and go a long way towards reducing our balance of payments. Our oil crisis is a political one, not a supply one.
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