the truth about oil

Since the mid-1970s the demand for petroleum in Western Europe and Japan has been flat. In the USA the demand has doubled. The reasons are that Americans love S.U.V.s and hate Mass Transportation.
In the USA we have also failed to develop alternative fuel use, like Ethanol. Only recently did Congress even pass a Tax credit for Consumer purchase of Hy bird cars.
Demand is rising and supply can't keep up. The investment over the next decade would need to be $3.5 trillion in new sources to keep up with demand. Actual investment will be only a small fraction of that.
Exxon, BP and Chevron have been reduced to small players by the national oil companies of the major oil producing countries. They are, Saudi-Aramco, Petroleos de Venezula S.A.. Together they control 70 percent of oil production now. There are really only five countries that really matter in the world of oil, they are Saudi-Arabia, Iran, Iraq, Russia and Venezuela.
Gas is 40 cents a gallon in Iran. In Saudi Arabia they use the oil wealth and hand out massive aamounts of money to the people. Russian oil production was growing 5 to 10 percent a year in the 1990s, it's now growing at only 2 to 3 percent per year.
Japan and Europe pay $7 per gallon of gas.
Source, The Associated press, story by Rachel Beck

BP posted earnings of $22 billion last year, the economy is doing fine, for some.
BP also admitted it had been slacking off on maintenance of feeder pipelines at Prudhoe Bat field in Alaska. This is the largest producing oil filed in the USA accounts for 8 percent of all US oil output.
“Drivers will pay through the nose for this very preventable emergency, while oil companies will boast their already record profits even further”, said Judy Dugan, research director at the foundation for Taxpayer and Consumer Rights, a consumer watch dog group. Predictions of $4 per gallon average in the USA are being made now.
Gas was at it's record high after Hurricanes Katrina and Rita, then $3.057 per gallon.
Consumers already dealing with worries over huge debt burdens, a moderate hosing market and weak employment outlook must now crimp their spending even more.
Two thirds of the economy is driven by consumer spending and it's tight to say the least.
In the second quarter that ended June 30th. Bps profits rose by 30 percent from a year earlier to $7.3 billion. On revenues topping $73 billion. Since 2000, BP has plunged about $36 billion into stock buybacks. Many analysts on Wall Street are still recommending they the public buy BP stock.
None of them seem to be concerned about the oil spill in Prudhoe Bay Lawsuits, The explosion in Texas City, Texas that killed 15 and allegations of energy market manipulations by the BP and it's CEO, John Brown.

John Brown, now there is a person who really needs a income tax cut, he would also dearly love a inheritance cut from 7 percent to 5 percent of his wealth.
I wonder if he votes Republican or does he vote “the candidate” who is best for America?