Then Why are Gas Prices So High?

Do you remember, a long time ago, back in the '70's, stories about gas prices in Saudi Arabia only being about $.19/gal?  Now that we are the biggest oil producer, shouldn't we have ridiculously low gas prices here in the U.S.?

source: Bloomberg

U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia

Photographer: Ken James/Bloomberg
Oil pumps stand at the Chevron Corp. Kern River oil field in Bakersfield, California.
The U.S. will remain the world’s biggest oil producer this year after overtakingSaudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.
U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.

2 comments:

  1. Imagine if our regime would allow our good fortune to blossom.

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    Replies
    1. It's the only way out of the mess we are in, but it's never gonna happen with this regime.

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