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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: skinowski who wrote (256052)	6/29/2008 12:16:54 AM
From: LindyBill	Read Replies (1) \| Respond to of 793845

True - billions of $$ would stay here, rather than go to Sauds and to uncle Hugo. That would be nice. Probably a lot of the new oil would go overseas, which would cause no end of hollering. I know that a lot of the Alaskan oil now goes to Japan. We get about 15% of our oil from the ME. It's whoever is short and can refine the grade available.

To: skinowski who wrote (256052)	6/29/2008 10:59:44 AM
From: rich evans	Read Replies (1) \| Respond to of 793845

The price of oil is set at the margin which is why people are worried about speculators which would be a small portion of the trades. The money going overseas for imported oil amounts to about 1 bill dollars a day and is half of our trade deficit. But this money eventually comes back and adds and increases our savings and investments by abouit 5% of GDP although the money invested and US assets are now owned by and held by foreigners. But the new investments and assets are here and that helps us a lot and offsets the budget deficits of our Government. Japanese bought a lot of assets in US/Hawaii a few decades ago. It did not hurt Hawaii. If you add up Anwar, Bakken, oil shale, offshore etc, you get a lot of reserves which could contribute to the world market/lower the price of oil and supply the US for decades. We could become and exporter of oil. But we do need to conserve and change energy sources. There will be no substitute for the marvelous stuff called oil with its high energy content /polymers etc. Rich