Will Gas Get Cheaper?
Most of us know the price on the oil pumps and it is always pinching. What makes oil prices different from other commodities that you can purchase in your store? Oil, unlike other products and services obey not only the laws of supply and demand but also the laws of geology. You cannot make more oil you have to work with what is available. If you are wondering if we are running out of oil, then rest assured that we are not. The oil reserves that are there will probably run another 100 years. However, it has to be remembered that though there is enough oil, most of the easy oil, the cheap oil has been got out. Experts theorize as to whether we have reached what is called the “Hubbert’s Peak” where 50% of oil reserves have been depleted and the remaining 50% gets increasingly harder and expensive to extract.
No Comments
No comments yet.
Sorry, the comment form is closed at this time.
