Enough oil to go around the world
MILLIONS of gallons of oil have spilled into the Gulf of Mexico and are damaging the surrounding areas.
I wonder how many barrels of oil this spill would have produced, and at what price per barrel.
This incident leads me personally to believe that sufficient oil is there to be harvested, which can serve everyone, but because of greed, production is held to a minimum or so it seems.
The oil is used to bargain with, in order to push prices up – my opinion. Small developing countries more than likely must buy at the prices demanded or look elsewhere – but where?
This may very well be why our light bill (electricity bill) and gasoline prices are fluctuating more on the upside.
I do not know all of the factors that go into producing oil and its by-products that would cause the prices to be like they are now.
But my opinion and view is from a layman’s perspective.They want more for the oil in terms of dollars, but look at what they are losing now.
How will this affect prices when they have got the well capped and brought under control?
How will this affect us here in the Caribbean in terms of commodities we purchase and the products that have to be produced by the use of oil?
What effect will this have on other oil producing nations and their prices to us?
These questions will only be answered in time to come and I will wait to see and hear.
They are oil rich and want to get richer at whosoever expense, but the saying is that, it is easier for camel to get through the eye of a needle than for a rich man to enter the kingdom of heaven.