People who own land do not own the stuff like oil underneath. There is alot of natural gas around here and I know people who have gas wells. But big gas companies can set up shop next door and drill at an angle to get the gas under your property. Again, property owners own the surface, not mineral rights underneath.
I agree with you 100% Garg on the refining/price of gasoline issue.
Oil consumption link peeps might find interesting:
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2174rank.html
The US consumes a little over 19 mega barrels per day
On the production side:
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=A
So the US production is going up slowly but still below 6 mega barrels per day.
The US strategic oil reserve holds about 727 mega barrels a day according to a few sites I checked:
http://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States)
http://www.fossil.energy.gov/programs/reserves/spr/spr-facts.html
So with domestic production the US would last about 55 days with their reserves. If you include Canadian exports then the US would last about 77 days.
Garg totally right on the refinery side. In fact, Canada is getting screwed by about $30 a barrel for oil it sends to the US due to supply gluts and lack of refining capacity due to inability to get the oil to the Gulf Coast. I wonder if Obama’s blocking of the Keystone pipeline is some Machiavellian plan to get cheap Canadian Oil? Those Americans can be cunningly evil in their genius!
Why Canada just pumps out cheap oil….
http://www.cbc.ca/news/business/story/2012/04/20/oil-refining-canada.html
Garg, I am somewhat skeptical about the additives to petroleum to make it unable to be stored.