1. True or False? - The U.S. burns 24% of the world’s oil but only has 3% of the world’s oil reserves…..TRUE
But is their really any correlation (or connection) between increased oil drilling and lower gas prices!? The number of drilling permits did increase 361% from 1999-07 but still that didn’t stop gas prices from more than doubling in less than a decade!2. So will more oil drilling result in lower gas prices for the U.S.? I think not. WHY? Cause crude oil prices are set by the Global Oil Market and that means that all of the oil produced around the world is sold at the same price -Translation for gas suppliers buy high sell higher- and U.S. citizens wouldn’t get a mark down on gas prices just because we are drilling on U.S. soil.
3. Did you know? - That the U.S. requires all automobiles to achieve 35 mpg by the year 2020 we will then be saving 1 MILLION barrels of oil per day!!!
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