Why the war in Iran won't be bad for gas prices

Started by RemyBrown

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#1 •••
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#2 •••
@RemyBrown
Why would we give them our money?


The same reason why the USA imports illegal slave labor. Exploitation.

Cuba barely survives with the small amounts of money remitted by the exploited illegal slave labor industry in the USA.

Chattel slavery, Serfdom, Debt bondage, indentured servitude, it's functionally the same when you have better options for work but are forced to stay where you are or risk deportation.

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#3 •••
@Shoresy
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#4 •••


If you mean **proven U.S. crude oil reserves**, the United States has roughly **40–50 billion barrels** of proven reserves. The U.S. currently consumes about **20 million barrels of petroleum products per day**, which is about **7.3 billion barrels per year**.


At current consumption rates:


* **50 billion barrels ÷ 7.3 billion barrels/year ≈ 7 years**


However, that's a very simplified calculation because:


1. The U.S. continues to discover and develop new reserves.

2. Not all petroleum consumption comes from U.S. oil production.

3. Production rates, prices, and technology affect how much oil is economically recoverable.

4. The U.S. both imports and exports oil.


If instead you mean **how long the U.S. could keep producing oil at current production rates**, U.S. production is around **13–14 million barrels per day** (about 5 billion barrels per year). Using 50 billion barrels of proven reserves:


* **50 billion ÷ 5 billion/year ≈ 10 years**


But historically, these estimates don't count future discoveries and technological improvements, so the U.S. has been producing oil for over 160 years despite repeatedly being told it had only a few decades left.


In practice, the U.S. is unlikely to simply "run out" on a specific date. Production would gradually decline as fields become less productive, while alternatives and imports fill the gap.


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#5 •••
@linate

Gas prices are higher since Trump waged war against Iran.

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