Oil Prices WorldWide

[DarkSoulCrusader]

Goodafternoon All,

As we all know, gas prices are raising everywhere and it effects nearly everything. Saudi Arabia and Kuwait are the only OPEC nations that aren\'t shipping out their oil at full capacity. This has a lot to do with China demanding an extra 12% of oil last year. India is right behind them in the demand for oil. Since we are competing on oil barrel prices gas will continue to rise for a lil while. We were discussing this in my Macroeconomics class. It seems a lot of people are quick to blame the Bush administration or the war on terror. Neither have anything to do with the gas increase we are facing today. At the peak of summer it will be an average of $2.50 a gallon for regular, nearly $3.00 for premium. Here in the US I believe we only have 3 oil refineries, In Texas, Louisiana, and Oregon I believe. The demand puts a lot of stress on those refineries, especially since no other state wants one of them in there backyard for environmental purposes. There is also a shortage of oil tankers to meet world oil shipment demands , more are being built, but the drydocks available are being used to construct cruise lines and other shipping vessels as well. With all this going on I see why our government got the green light to drill in the Alaskin oil reserves. I just hope that the competition doesn\'t escalate to the point of real war for oil.