Why can't we dig for more oil?

Question

I mean since gas prices are rising up, why can't we just build more oil digging site?

Answer 1

We could dig for oil in many of our states and offshore, we could also stop filling the federal reserve which is pretty full anyway.  We could also elect public officials that do not have direct financial interest in keeping oil prices high.  We don't do either of the first 2 because we keep people who make money from oil prices in charge of decisions that affect oil prices.  It's like letting a wolf herd your sheep.

Answer 2

Certain areas are protected from drilling.

But the real problem is not drilling for oil.

It's the refinery.  They only process so much oil a day.

And yes they could crank up production.

BUT, WHY...

They are making Billions of dollars right now.

It's supply and demand at it's finest.

"Show Me The Money ! " Jerry Maguire

Answer 3

Most of the shallow oil reserves have been found . The deeper the reserve is below the surface the more it costs to extract it out of the ground. extractability  is also determined by whether it is economically viable.  I have a friend who prospects for new oil fields. He told me that they discount any field that will not produce approx 2 million barrels a day, for the period  of a year at least.  As the oil company would not make back the money that would need to go into developing the field. He tells me that there  are possibly  vast reserves in the deep ocean( as the geology look promising) but at the moment they are unrecoverable as the world doesn't have the tech to work there.

Answer 4

Wow, I was starting to worry.  There hasn't been a oil related question asked for 10 seconds.

Answer 5

Sure.  Just tell us where.....

Not so easy, huh?

Oil is limited.  Demand is rising.  As more second world nations (like China) increase thier demand, it gets harder to keep up with it.  Perhaps we should be asking,"Why do we need to use oil?" instead of just carrying on using the technology from 100 years ago to power our vehicles....