We either find a way to lower the cost of oil and gas in this nation, or you’re right we will descend into darkness. We can lower prices in the short term, over the next 2 or 3 years, by building more refinaries, exploring and drilling.
My hope is that Americans love their stuff, their xbox’s and toys more than they’ll buy into the myth that government can solve our energy needs. For once the government steps in and tries to run the oil industry, prices will explode. Disposable incomes will drop and folks won’t be able to afford Halo 4 or 5.
Refineries are about 90% of capacity. Some of the big oil companies running the refineries do not produce all their oil themselves but have to buy it on the open market. They are being squeezed by the recently increasing price of crude. We see the $10 billion quarterly profit here and there but that is not industry-wide. Some of them are barely making it.