When we were visiting about the inflation being created by the cost of oil, my oil production friend mentioned that paving highways may well become nearly cost prohibitive.
The asphalt product and the process of laying it down consumes massive amounts of oil. So what did I read in my local newspaper last night? “Budget cuts force CDOT to shift into maintenance mode.” The cause for halting most construction was reported as the staggering price of oil and falling revenues.
Look around you, all that you see uses oil in some fashion, if nothing else, motor fuel for delivery. There is no known substitute for the 82,234,918 barrels of world oil used daily. The U.S. with our 4.8% of world population currently uses 25% of that oil.
The U.S. can only supply around 25% of our current oil needs; the remainder is purchased from foreign nations. The price is set by world demand, not by demanding lower prices. It isn’t our oil.
Setting aside the differences of those who support and oppose drilling in ANWR, from a supply basis, it would be like putting a band aid on a bullet wound.
Oil is only the first of our global natural resources to begin to show weakness in supply. Thankfully our leaders have a solution…each and everyone of them promise growth and greater consumption.
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