United Arab Emirates: at least someone has more oil

Interestingly enough, OPEC has offered some small increase, to date only from the Saudi's.
This, plus the diverting from the National reserve should have made a dent - it did'nt. For the most part OPEC is correct and the main reasons are speculation and dollar value. It is simply not in their interest to drive the price to a point that it damages world economics. In order to make a significant change they would have to flood the market, which is not in their interest either. As it stands they are between a rock and a hard place as far as any benefit to them. They cannot control demand as only price at the pump can accomplish this and that comes with economic repercussions.
Ultimately, everyone is likely to lose as talk is now starting regarding the world reserve currency. If the Euro supplantes the Dollar, a lot of dollars will be traded off. Consequences of this potential change- unknown.

In Senator Bill Nelson's op-ed, he states that while the USA has only 3% of the oil reserves in the world, we consume 25% of the oil production in the world. He goes on to say that therefore development of the U.S. oil reserves would be neglible.

On the other hand, there are those who claim that the USA has enough oil "in the ground" to supply our needs for the next two hundred years. (Senator Nelso says that simply is not true; and that the petroleum companies are sitting on 330 million acres of land that they have not attempted to develop ANY oil production from . . . and his thesis is that basically it wouldn't be of any significant difference for the U.S. to develop our oil reserves. He also notes that it will take ten years to bring any new oil to the market place.

Since Congress hasn't pushed for development of our oil rserves since the1970s . . . and apparently are still NOT INTERESTED in doing so, we are NEVER going to get out of the ten year lag time that they use as an exdcuse for not pushing for more production . . . . we've only lost approximately 28 years of "opportunity" since 1970.

If the petroleum companies won't develop those 330 MILLION ACRES, then Cngress should cancel the leases, and sell them to whomever will develop the oil reserves. We certainly are not improving our situation by NOT developing our oil reserves. And one might ask why the USA is the only country in the world that prices ALL petroeum (that produced in the USA and imported) at the wolrd petroleum market price?

Senator Npush for development of our domestic oil fields or be voted out of office.

And what about our "friend" Kuwait? After the USA saved them from Saddam's invasion, saved their royal family from execution, and put out the hundreds or thousands of oil well fires that Saddam's men tourched during their retreat, surely we can count on Kuwait to sell oil to the USA at reasonable prices and to increase their production . . . Right? Wrong . . . . the royal family of Kuwait hasn't done a damn thing to repay the ugly Americans, have they?

I suggest that the next time they are attacked and in danger of being over run and killed, that the USA required "payment in advance" for any assistance rendered to them.

Has the royal family of Kuwait EVER paid the USA for the costs of saving them from Saddam's invasion? We should demand repayment of those costs with interests.

Somebody once said, "Let's import all the foreign oil we can before tapping our own reserves." It was meant as a joke but....hmmm.

How high does the cost of fuel goo before our congresses start seriously looking at a alternative vehicle power? Aren't we remiss in not doing more?