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Originally Posted by Mr. Sandman
IMO, All we need to do is start pumping from from out own supply anc threaten to reduce the amount we will buy from overseas...once we do that the overseas price will fall deeply, they need our $ for oil, that is all they have. We could control the overseas price via pumping from our supply. Don't think so? What to you think would happen if we suddenly said to the Arabs, we will only need to purchase 1/2 of what we did last year...unless of course we get a favorable price then we might purchase more.
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Of course I can't find any numbers right now, but we couldn't sustain ourselves no matter how hard we tried if we only used our oil. We simply don't have the oil even if we had some serious success in offshore drilling. Also, Alaska is a waste of time, in relative terms. Just a drop in the bucket. Canada sits on a lot of oil, but most of it is very expensive to extract from the sand it is mixed with.
New technology is the future, if we ever want to escape our dependance on foreign oil. Maybe we could use our own oil but currently we consume way, way too much to think about it.