I want to address some of the above comments without quoting a few different replies so here we go. I started working in the oil industry almost 2 years ago and this allowed me to see how this business actually operates. Yes it is a business and everyone involved is trying to make the most money possible. I dont want these comments to be taken as hate but there are some misconceptions of the industry.
Barf. The problem isnt in production and refinement. We have the capacity to refine (granted our refineries are unsafe, enviornmentally unfirendly, and very outdated but thats another story) almost all of the oil we need. We also sit on enough oil to be completely self reliant but it wont last forever. It all comes down to money. Company's sell the oil they pull from the ground where they are going to get the most profit and in some cases thats halfway around the globe. There is nothing that requires oil pumped out of US soil to be sold in the US. In fact some companys export up to 40% of the oil produced in the US because it is selling higher in other countries. I completely agree with you about the green investment. Eventually the world will run out of oil and we need other resources. We do need help with technology and new resource development but sadly no major company is going to pursue it because it is not profitable.
ryano There is a huuuuge reservoir that was discovered in North Dakota but still smaller than most reservoirs in the middle east. Also the type of oil there is situated in a way that makes it expensive to get out of the ground. For the new refineries, again this is a business, refineries are the only segment of the industry that operate each day without making a profit. Because they don't make money, no company wants to front the millions that it takes to build a safe, enviornmentally friendly, etc etc refinery.
Again, Im not trying to hate on anyone I commented on. Working in this industry has given me a new insight to how shitty this whole industry is. EVERYTHING comes down to money and all companys are going to do what is most profitable for themselves and this is hardly ever in the interest of helping out people or countries.