| Yes, there are capped oil wells in the US, but that is because there is nothing left in the ground that can be pumped even at the current prices for oil. As for the refinery problem in the US, it is true that none have been built in the last 30 years, **BUT** that is because the oil companies have **DISMANTLED** over 50% of the refineries that existed in the 1970s because of oil company consolidation and a perception that the US had too many refineries. The bottom line is when oil gets $100/bbl, if it can be pumped at a profit, then no one is going to leave it in the ground. The hard facts are the US oil production peaked in the 1970s - all the documentation is very public. Even if the US drilled in the few areas that are currently off-limits, the US would STILL NEED to import most of the oil it uses. The US consumers will just have to get used to high oil prices. BTW - If Americans are forced to choose between their SUVs and Israel, guess which they will choose. |
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