The main points of this article are:
-the US uses 20 percent of the world’s oil and even if we drilled every square inch of the country we would only have 2 or 3% of the world’s oil reserves
-The reason for high gas prices is the tension in the Middle East, specifically with Iran. They supply the majority of our gas and the possibility of them cutting us off is very high. In order to prepare for this, investors have been buying up oil which as a result drives gas prices higher.
-Fullerton says if gas prices rose with taxes it would force consumers to be more fuel efficient and could help the federal budget.
I don’t know if this is realistic or possible but it seems like we should be really really really nice to Iran. If its true that we are dependent on Iran for the majority of our oil than wouldn’t we want to be on their good side? Going to war doesn’t seem like a way to get what you want. Its also pretty scary to think about the possibility that our oil supply could be cut off completely…