What current oil shortage? There is no oil shortage, we have and oil glut. We have a refinery capacity shortage.

BP finds oil?? I guess that means prices at the pumps are going up today.

Shortage.......didn't I read just yesterday that they were looking for places top store all the excess. Oil traders...oh, excuse me, "Analysts always want to make us believe there is a shortage. That makes thier investments in oil...oh, I mean "Analysis" increase in value. Because you know.....'Analysts" are not traders . Bah hahahahaha......Have at it Obama, I say find all the alternative sources you can buddy!

im so done with all the oil company's lies and theft.there is nothing we can do about it,i mean really is there? we just have to ask for the vasaline so it's not so harsh!

i heard the the price of vaseoline is going up because theirs a shortage of it lol

Correct, we have a production and refining shortage. Obama and the left are for eliminating oil usage in general, so its quite possible that another American energy source will go untapped as we sputter down the green path toward the fairly tale of clean sustainable energy. We could go solar tommorrow if the government was really serious about improving the lives of average Americans. The technology is already out there and getting cheaper, and a concerted buy order for production by the federal government would lower costs further, and rather quickly I might add. We would not have to sit on our thumbs waiting for new technology, we could incentivize refits to existing homes and businesses in short order, and in the process put thousands if not millions of Americans back to work. We keep chanting 21st century his and that, but our power grid and its infrastructure is basically 90% 20th century based technology and not likely to change unless we embark an huge demolish and rebuild campaign. Not gonna happen in this current economic environment, but again, its a forward looking approach that's realistic and doable, not just more pie in the sky rhetoric for poitical consumption.

you might want to try corn oil, that way the bush family and the saudies dont get a cut

Vaseline is a petroleum-based product. Be careful what you wish for.

When are the kids who have produced very little in this country, except the ill concieved Obama phenomenon, gonna put down their koolaid and quit acting likethe rest of us don't have a clue or that the US oil industry is a villian.They have been systematically vilified for decades, yet they consistently provide this country with some of the cheapest energy and fuel costs in the world. Now they are in business to turn a profit, as are all businesses. The feds impose taxes on gasoline and so do the states, to fund all their spending programs and that significantly effect every Americans budget. Nothing is free and just complaining about those that have spent billions to find, develop and bring to market products is short sighted and dumb. Without their products this country would have been a far less comfortable place to live in.

WOW..................
THEY FOUND NEW OIL...........
SINCE WHEN?????
ITS ALWAYS BEEN THERE!!!!!AND THEY KNEW IT!!!!!
SO WHY ISNT OUR GAS PRICES LOWER?????
JUST MORE MONEY FOR THE ALREADY RICH.......
THANKS FOR NOTHING ,OBAMA DRAMA AND THE OIL COMPANYS..............

You people have no clue about the oil business. Oil is a publicly traded commodity. The prices are not set by individual oil companies. Of course when the price of oil is higher, the higher the profits, but the oil companies are turning around and reinvesting most of that profit into more exploration. The average deepwater drilling operating costs are running anywhere from $1.2 million to $2.0 million a day and it can take anywhere from 3 to 12 months to drill a well. Thats a huge investment when your ROI will not be seen for another 3-4 years. Do a little research before you bash the oil companies. BTW, vaseline is a petroleum based product, so rethink the vaseline bit.

This present Administration also gave Pretrobras ( a nationalized Brazilian Oil Company) $2 billion for exploration in Presalt zones in Brazil with no agreement to sell any of the oil back to the US.

Bash me all you want for my insight into this industry but it has been a staple of my employment for 20 years now. Like any other profession, you have to be in it to truly understand it.

Oil is the energy source for the industrialized world and about 150 years ago I knew it would be and used hired gunmen, bombings, terror, spys-whatever it took to control ALL of it. Sure the "government" broke up my Standard Oil in 1911 and I was the most hated man in America but with JP Morgan and friends we merely bought the country with the FED/IRS scheme in 1913 and guess what my oil companies are mostly back! The seven sisters are down to four! The US dollar is backed by oil! Wall St. and London make sure oil is traded for dollars and we control the market playing it up and down to maximize our profits! We also control the main media and can BS the public anyway we want! Cheney was a director for David Rockefeller at CFR and Obama's chief foreign policy advisor co-founded his Trilateral Commision and Iraq's best oil pool went to BP and China!(Nippon oil will get some too) Afganistan is about the Caspian gas which will be piped to India's booming economy. Globalists now and we control the oil business, gas, ALL the money, credit, "governments", taxes which go into out private banks, and markets. It's nice to be a Rockefeller! Everyone though the robber barons went away? Ha, ha. Sure we have a few problems like Chavez, Russia, Iran, Pakistan, but using dumb Americans we will take care of that stuff. Tell you what, for you smart people that know this allyou have to do is play along using trendlines on the oil price up and down and make money along with us big boys. It was 147 last year and we dropped it down to 33 in four months! Shorting that could have made you a fortune. Buying in about March you could have ridden that up again! Nothing to it! Goldman Sachs plays along making billions. We need a price about 65-75 dollars to drill now as the easy oil is gone and as oil rises the dollar drops so buy oil and commodities, gold, metals, stocks and follow the charts. I started as a youth trading oil futures and took over the world. Want to know why we never went back to the moon? No oil!

Supplies of oil have never been higher and gasoline is over $2.50 a gallon. Instead of buying AIG and GM with taxpayer dollars, let's buy EXXON.

What oil shortage???? As long as Mommies and Daddys keep supplying their kids with cars and credit cards the oil crisis will never ,ever end. They are all going nowhere FAST. They drive just to be driving. And their attitude is "Who cares what it costs as long as we can get it??"
I have watched and listened to this crap for years. Noone seems to teach their kids about responsibility and/or conservation anymore. They are taught to take whatever they can...cause if you don't...the next kid will. Its all about me...me...me......

John D. Rockyfeller- you forgot to mention that I and my sons are DEMOCRATS. You also forgot to mention all the democrats who made billions along side me. Funny how only republicans were named - you couldn't possibly be a bigot could you? Besides being too cowardly to use your own name?

Well, they just discovered a few billion barrels of recoverable oil... Is the price per barrel going to go down because of it? Nope. Would the price go up if through negligence the oil companies over-estimated a couple of fields and there's a couple billion barrels that aren't recoverable? You bet your ass... Sure, they invest in exploration. Why don't they invest their hundreds of billions in profits into their refining infrastructure to meet the fuel demands? It's because this way it's easier to manipulate prices. Oil companies may not directly control prices of oil and gasoline, but they do control it. If you don't think so then you are very naive. The market certainly isn't market-driven when OPEC cuts production significantly. Why did they do that? To drive up prices. They even said so. Still the demand doesn't match production, yet we are still seeing higher than called for prices. Anyone who doesn't see that as pure market manipulation has their head in the sand.

Americans consume about 20,000,000 barrels of crude a day...... At that rate the 'giant' recoverable reserve of a billion barrels converts to about 50 DAYS consumption.... Not giant in my estimation.

this means prices are going up today!

OF COURSE THE ENERGY PROBLEMS CAN BE SOLVED, BUT NOT BY DRILLING MORE OIL WELLS.WE MUST GET BEHIND THE (GARAGE} INVENTORS AND THEY WILL SOLVE THE PROBLEMS IN A BETTER WAY

Go straight to nuclear and stop depending upon the other wasteful attemps to produce our energy needs.