Oil crunch by 2012, say military experts

[newonecoming]

Originally Posted by Visvaldis

" Oil crunch by 2012, say military experts"
Quick, we better send America's fighting forces to topple the regime in Saudi Arabia so that we can claim their oil reserves as ours.

Now that would be effective. Not a good idea but effective.

[AnUnidentifiedMale]

Originally Posted by bluesjuke

Sad part is that we have plenty of oil.
Some just won't let us get to it though.

Former CIA Director James Woolsey disagrees:

Drill, baby, drill? Some suggest that if we replace foreign with domestic oil our problems will be solved. Domestic drilling does help reduce oil's share—a billion dollars a day—of our huge balance of payments deficit, and it adds some domestic employment.

But that's it. OPEC has very large reserves and cheap extraction costs, while domestic drilling costs for new oil will be many times that of the Saudis. We can't drill our way out of the cartel's control of the global oil market.

R. James Woolsey: How to End America's Addiction to Oil - WSJ.com