As a result of the development of Canadian oil sands reserves, 44% of Canadian oil production in 2007 was from oil sands, with an additional 18% being heavy oil, while light oil and condensate had declined to 38% of the total. Because growth of oil sands production has exceeded declines in conventional crude oil production, Canada has become the largest supplier of oil and refined products to the United States, ahead of Saudi Arabia and Mexico.
I call BS.
Moderator's Warning: That will be just about enough of the name calling and personal attacks. Using derogatory names, such as coonass, is not acceptable.
Welfare (Food Stamps, WIC, etc...) are not entitlements. They are taxpayer funded handouts and shouldn't be called entitlements at all. Social Security and Veteran's benefits are 'Entitlements' because the people receiving them are entitled to them. They were earned and paid for by the recipients.
1. We had record high gas prices long before President Obama took office. It was largely due to speculation. It was a classic speculative bubble.
2. If you are subsidizing oil production, then the idea would be that you are doing so to introduce more oil onto the market than what would otherwise be on the market at a given price, and thus reduce the costs of fuel at the pump.
The problem with doing that is, that it:
- Creates a disincentive for private sector innovation.
- Most likely is counter productive as any money consumers save at the pump is offset by tax dollars spent subsidizing the production.
- If you are going to artificially interfere with the market, why would you subsidize Oil Sands production which is devastating the environment rather than just subsidizing consumers purchasing more fuel efficient vehicles. If we are talking about a "Lesser of two evils", then subsidizing consumers buying these:
Makes a hell of a lot more sense than subsidizing Oil Sand production that results in this:
Or you could just let the market determine where best to invest in oil production.
"You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)