We are awash in oil.....

Forget the propaganda and scaremongering. More and more is being discovered and will continue to be discovered as the price is right. And there is no sign that prices will go down much if any for the foreseeable future. The ChiComs will spend billions to explore their coasts just to get their own supply leading to more stocks. And if we hit 5 dollar a gallon or so the environmentalist blocking U.S exploration will be pushed aside slicker than Charlie Shumer  sliding in front of a camera.

Remember one thing. We've been "running out of oil" every since the 1800's. It's all politics and price manipulation. It would take a nuke or two in Saudia Arabia to make a difference.

Or in Washington D.C.


No More 40-Cent Gasoline | 5 Min. Forecast

An Iranian news agency also reports that the country has stopped importing gasoline from Venezuela, resolving a decades old conundrum of the oil-rich state.

If Iran has the second largest pool of known oil reserves in the world, why have they been importing 840,000 gallons of gasoline a day from Venezuela? The answer in part is sanctions. The other part: The refineries are a mess thanks to decades of subsidies.

Iranians who drive cars have been able to fill their tanks for less than 40 cents a gallon since the government tried to appease citizens during the Iran-Iraq War back in the 1980s.

By 2007, gas subsidies made up 38% of all government spending. And the refineries were in such bad shape the government started rationing. By September 2009, the Iranians began importing massive quantities of gas from their friends in South America.

In mid-December last year, the government apparently read the writing on the wall and began to phase the subsidies out. This morning, gas in Iran is $1.60 a gallon for the first 15 gallons every month. After that, your average mullah is paying $2.80 a gallon.