NTEBSo, ok…if the United States really is producing more petroleum than Saudi Arabia, why then is gas still stuck at $3.30 per gallon on average nationwide? You would think that at the very least it would drop down to around $1.84 that is was in 2008, when Obama became president. Oh wait, I just answered my question. Never mind.
But before you start jumping up and down for joy that America is the world’s #1 petroleum producer, look at how much people in these countries are paying per gallon:
- Iran – $0.47 per gallon
- Saudi Arabia – $0.78 per gallon
- Kuwait – $0.88 per gallon
- Iran – $0.47 per gallon
The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum, in a sign of how its booming oil production has reshaped the energy sector.
US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day, according to the International Energy Agency, the watchdog backed by rich countries.
With US production continuing to boom, its output is set to exceed Saudi Arabia’s this month or next for the first time since 1991.
WOW! I wish I could get my gas at $0.47 per gallon. WTF!! These oil companies are robbing us blind!
Just now figured that out, did you? LOL
Hey, I knew they were robbing the hell out of us. I just didn’t think it was THIS much.
“… why then is gas still stuck at $3.30 per gallon on average nationwide?”
Closer to $4 here.
The largest oil deposit in the world is in the Midwest. We don’t NEED to buy it anywhere else!
I guess they need all of that oil to fuel their military vehicles and whatever’s left of the Petro Dollar.
There is a lot of cost difference in fracking deep wells and pumping up a liqued that doubles in weight for every foot raised. And energy used to bring it up. So oil at 6 foot under ground and light crude. Or oil at 200 foot under ground. heavy crude and fracking. Makes a lot of difference in cost. So around $3 a barrel for heavy American crude. and $1 a barrel for light Saudi crude. And we have tax were there Government subsidies. And if the Saudies want. They can go out into the desert there and bring in new and better wells than those they are pumping from now. Not the whole mid east. But the Saudies can do that.
They have to keep it high to keep alternative fuels and energy from being cost prohibitive.
The oil field workers, and their boss’s where greed reigns supreme!