"USA known reserves out weigh all know oil in the rest of the entire world."

Hm? https://www.cia.gov/library/publications/the-world-factbook/rankorder/2178rank.html

With Obama in sure they only count light sweet crude and heavy crude.

Do some research.

Tar oils
Shale oil
Coal to oil conversion

And that list excludes our oil off the coast for sure or we would be #4 in light sweet and heavy crude right there.

I bet they removed ANWAR and the Balkan deposit as well. This administration sucks.

Oh and oil advances, bet they forgot the redrilled pumps at 'dry' well that now pump more per day than they did at their previous best.

Obama sucks donkeys kong.

I though USA was a good source for data, i couldn't find any other data, that could claim what you said, do have any?

@"NaKuShItA"
Bankers allowed people to lend things they could not afford. But most of them could not afford it because they had "less" then before. They had less because of high inflation making a lot of things more expensive. Even if we had no currency system at all, if oil prices go up you would be able to afford less as production costs go up.

There are a lot of reasons for the current oil price. One of them is that opec keeps the prices high, another is simply the high demand.

According to the USGS known reserves in the world is about 1.4 trillion barrels.

However they rate only light sweet and heavy crude.

http://coyotegulch.wordpress.com/2009/04/03/energy-policy-oil-shale-usgs-revises-estimates-of-total-piceance-basin-oil-shale-upward/

That's 1 trillion barrels in one State alone.

Now the USGS says economically unfeasible and no technological means and pollution and crap.

Its a bunch of hubris. A company proved, with ease, they can achieve a 66% extraction rate from a unit of shale.  This means it can be mined like coal, and produce oil. The additional materials are marketable for profit as a byproduct of production.

The thing holding it ALL up is the EPA and environmental findings which are bullcrap designed to prevent utilization.

Then there is the stiill not accounted for Bakkan Oil Formation with its 500 billion drums of oil. Yes 500 billion.

Add the benefits of Horizontal drilling into the mix, where dry wells produce more oil than ever before and you get a change in the known reserves of the United States to exceed the collective world known reserves.

We have so much shale oil, it boggles the mind.

It is the only thing that will save is from the financial disaster of future bankruptcy from idiot liberals

damn Clinton making our oil into a national park

rape it I say

we need Destro's airborne aircraft carrier so we can suck oil out on the fly

air pirates ftw

I say we put a 10 meter by 10 meter drilling station that can cover a 20 mile radius instead of being idiots.

Btw trash in the Iceland Volcano, think about it

I thought some people here were economists? Anyway, simply put:

Inflation always happens, without inflation there is no economical growth. Optimal inflation is between 2% and 5%. Lower or higher leads to economical disasters.

The problem with the crises was that people used credit cards to pay the fines of other credit cards, simply put: they couldn't afford stuff, they still bought it, they were morons! What actually caused the crisis was the fact that once investers heard about it, they simply stopt investing in banks, actually started selling their stocks like morons, or withdrawing money from the bank without the bank being able to give it all back in cash! (there's about 1000 virtual dollar per 1 normal dollar or even more).

The core problem was not the oil, it's human stupidity and the fact that they only seem to use their brains when all other options have deserted them. (or they're dead)