As the cost of gasoline rises and our dependence on foreign oil continues to increase, the effect of sending over $100 billion each year to OPEC nations hurts every American.
Sentiment: NEGATIVE
If the Administration does nothing, high gasoline prices will continue to increasingly burden our economy, taking millions of dollars out of the hands of families and putting it straight into the pockets of OPEC.
If you opened up every single potential drilling opportunity in the United States, it would have the effect of lowering gas prices three cents, maybe. And that's because, of course, oil is traded on a global market.
Certainly, we are hurt by the high fuel prices because it raises our cost.
I don't see why OPEC countries should continue to cut production just to keep the price of oil high. This will not affect the industrial countries alone, it will also hit poor countries in Africa, Asia and Latin America. Who will look after them?
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.
If you look - look at - I mean, look at what's going on with your gasoline prices. They're going to go to $5, $6, $7 and we don't have anybody in Washington that calls OPEC and says, 'Fellas, it's time. It's over. You're not going to do it anymore.'
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.
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.
Thousands upon thousands of people across America and many more across the globe are suffering at the hands of the oil and gas industry.
Right now too much American time and resources are spent dealing with situations caused by our dependence on oil that we import from unstable countries.
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