edit: not exact figures...
oil and the economy.
active forclosures 1.2 million 2 million possible by end of the year. ths is out of 124 million houses. not so much of a big deal.
we have more oil in shale than saudi arabia has.
40 percent of gas is US produced. need to up production to 15 to 20 percent to make a dent in our consumption.
costs $3 a gallon to extract the oil here. 40 cents to transport it to refinery. 20 cents to get it to the pump. 40 cents in taxes. so total price is $4 a gallon.
its cheaper to produce in other countries. a few days ago saudi arabia upped their production by 200,000 barrels and china promptly bought up the new capacity on the open market.
the laws of global supply and demand are not going to let the price come back down.
china uses 1/6th the oil per person of the US. but it has 1.6 billion chinese compared to approx 280 million of US. china has huge growing middle class and population. there are over 1000 new cars in bejing alone... added every day.
we would need to conserve 20 percent to make a dent in our consumption/price.
so playing politics needs to stop and we need to get this thing under control domestically.
its not going to get any better until we develop our own supply.
lastly you aint seen bad yet but it is coming