Is gas really running out? Or are gas prices just inflated?

Question

I'm really not sure what to believe... I thought that gas was running out because I heard some convincing arguments, but now I'm not sure. Thanks for your answers!

Answer 1

Iraq has like 150 billion barrels of oil alone.   Sounds like a lot, doesn't it?   They have the second largest oil resource in the world.   The US alone uses around 20 million barrels per day though, so it is a 15 year supply for us at best there.   The rest of the world uses 3-4 times that amount.   Within 20 years gasoline made from easily extracted petroleum will be priced out of the reach of most people.

Answer 2

No, it's not running out. The government just wants to rip people off as much as possible.

Answer 3

Gas is not goin to run out in our lifetime...its expensive because stubborn gas drillers aren't that friendly to the U.S.           in venezuela =, gas in 27 cents a gallon

Answer 4

Gas prices are inflated because of all the "middle men".  There are so many people/companies involved in finding, refining,shipping, selling and if anyone of them raise their prices then all the others have to as well to cover costs and make a profit.  Not to mention the gov't that takes the largest cut of all.  Everyone just keeps having to raise their prices, it's a vicious cycle.

Answer 5

It's not running out. People had the same irrational fear back in the 1970s when gas lines and price controls were the thing. Most of this c**p is pure politics tied into the laws of supply and demand. Everything else is just nonsense.

Answer 6

We have untapped oil reserves in Alaska and the Gulf of Mexico that would lower the price if the environmentalist wacko's would let us drill them.

btw, gas is only 27 cents in Venezuela because the communists are selling it at artificial prices.  It would be lower than in the U.S. due to their large scale drilling, but not that low.  Not even the Saudi's get gas that cheap.

Answer 7

its a bit of both but we won't face a sudden lack of gas it'll be a problem faced by young people and their kids

Answer 8

Crude oil is nowhere near running out.  The Middle East can supply current levels of use for the next 80 years.

Answer 9

No the gas is not running out, the gas companies are just making that excuse so that they could raise the prices

Answer 10

We were running out in 1979 as well, only worse

Answer 11

It's not going to run out tomorrow or next week, if that's what you mean. But apparently the end is in sight, that seems to be true. But the prices going up now are the result of price gouging. The oil companies all recorded record profits. There is no crisis for them.

Another reason prices climb here is because China is using more and more gasoline because the government there subsidizes it--they keep the price at the pump low by chipping in. As a result, Chinese consumers and industry use way more, which makes it scare on our end, so the price goes up.

Note to Automation Wizard: I respectfully suggest that 80 years *is* running out, if considered how many millions of years it took to form and how we as a species will have burned it up in less than two centuries. And if you had planned on civilization going on as it is beyond that.