If we don’t increase the supply of oil - by drilling for more - and increasing refinery capacity - by encouraging private companies to expand refinery capacity - we will guarantee this problem will get worse. Demand for oil is increasing every day throughout the world and the supply cannot keep up with demand. What follows is ECON 101.
Oil companies are doing a fantastic job keeping gas flowing at the pumps. God forbid the government get involved again as in the days of the peanut farmer President.
Within the next 5-10 years, I’ve heard that gas prices will go up dramatically for the consumer. With the government pushing electric cars, biofuel vehicles and the like, the consumer will use less gas. The oil companies will sell less gas also. They aren’t going to loose that income. They’ll simply raise the price of a gallon.
That is the report of the oil industry for the next two decades published this week.