WOW! Gas Prices are so CHEAP!?
Unfortunately, the days of cheap, abundant oil are over. Today, oil is extracted, using more-expensive methods, in harder-to-get-at places: deep waters, fracking "tight oil," and digging up Canada's oil sands (or "tar sands" as environmentalists might prefer to call it).
Oil extraction is becoming more costly. Not just in terms of dollars spent, but in terms of energy spent. There's a term for that called EROEI. Energy Returned on Energy Invested. As the EROEI goes down, or as it takes more energy to find and extract energy (particularly oil), there are big problems ahead! That subject is extensively covered at www.srsroccoreport.com.
Currently, gasoline prices are still "cheap" in the United States! Or, at least, when compared to some other countries.
According to statista.com (as of April 16, 2018), here are some of the countries with higher prices:
- Norway: $7.82 per gallon
- Italy: $7.27 per gallon
- UK: $6.57 per gallon
- Japan: $4.93 per gallon
Those with prices lower than the United States, are: Iran at $1.08/gallon, Saudi Arabia at $2.06/gallon and (GET THIS), Venezuela (currently in economic collapse) at THREE CENTS per gallon!
See the full report, here:
https://www.statista.com/statistics/221368/gas-prices-around-the-world/