The one thing people seem to forget is the more oil we have, the lower the price and the lower the profits the oil companies make.
Sentiment: NEGATIVE
The oil areas have a big problem digesting the oil. There's too much money, and the people don't know what to do with it. I'm finding all the time that we have more industries and more success stories which are not involved with oil.
In 1973, America imported 30 percent of its crude oil needs. Today, that number has doubled to more than 60 percent. Gas prices are as high as they are now in part because we've had no comprehensive national energy policy for the past few decades.
All told, these profit levels have put the world's five largest publicly traded oil companies on track to earn more than $100 billion before year's end. Yet, at the same time that Big Oil's bottom line is going up, so are Americans' energy costs.
The problem is not the oil, but what they do with the oil. The United States is the biggest spender of oil and of all the planet resources.
Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.
The more we are consuming oil that either comes from places that are bent on our destruction or helping those who are... the more we are enabling those who are trying to kill us.
We need a reasonable price where producers will not start nagging. At a reasonable price, we can invest to produce more oil.
There are growing concerns that oil companies are making too much in profits at the expense of consumers.
Oil wealth has been a curse on us, made us weak and docile.
I don't think we're going to see the price of oil going down in the near future, that's the reality.