A Quote by Jay Leno
Oil prices jumped to well over $100 a barrel, and analysts say it's due to tension in the Middle East. So, luckily, it's just a temporary thing.
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Soaring prices for crude oil, falling production surpluses, wild speculation in commodities, a rush into the precious metals, turmoil in the Middle East, assertive oil producers: it is 1973-74 all over again, and at dictation speed.
In addition, each barrel of oil we save through conservation further decreases our dangerous reliance on unstable Middle East oil.
You know, oil prices from 2007, on the strength of a very robust global economy and a very robust emerging China, many of you will recall, ramped up to near $150 a barrel. Then we had the financial - U.S. financial collapse. Oil prices collapsed all the way down to $40 a barrel.
Russia does not have a modern economy: it's a petro-power. The only thing it sells that the world wants to buy is oil and natural gas. When was the last time anyone bought a Russian computer? A Russian car? A Russian cell phone? Russia is so dependent on high energy prices that if oil falls below $100 a barrel, the Kremlin can't meet payroll.
Controlled Middle East oil, it would control the world. This oil represents 65 percent of world oil reserves. Therefore, America believes if it squashed Iraq, it would control the oil of the Middle East and consequently hold the oil in its hands [and] fix its price the way it likes.
I think the public is very reluctant to get involved in more foreign wars, especially in the Middle East. And they understand, implicitly, that we go to war in the Middle East because of oil. And if we don't want to go to war in the Middle East, then we have to do something about the oil problem. And I think that view is gaining ground in the U.S.
Historically, the argument is we stole the country from the Indians. America stole the labor of African Americans for over 200 years under slavery. America took half of Mexico by force in the Mexican War. American foreign policy, the progressives say it's based on theft. Why? Because look, America is very active in the Middle East. Why? The Middle East has oil. Notice that America doesn't get involved in Haiti or Rwanda because they don't have any oil.
People think just because I'm from the Middle East, I'm an expert on the Middle East. So, like, I got a friend, like, any time the gas prices go up, he'll always ask my opinion about it.
High prices can be the result of speculation, and maybe plunging prices can be attributed to the end of speculation, but low prices over time aren't caused by speculation. That's oversupply, mainly by Saudi Arabia flooding the market with low-priced oil to discourage rival oil producers, whether it's Russian oil or American fracking.
For decades, our dependence on OPEC oil has dictated our national security decisions and tied us up in the Middle East at an incredible price. We've spent more than $5 trillion and thousands of American soldiers have died securing Middle East oil.
Less tension in the Middle East is always a positive, and any drop in gas prices will essentially act as a tax break for consumers going into the holiday shopping season.
Every barrel of oil that we produce around the world benefits Americans because it keeps prices down. We can talk more later about American energy independence, but the facts are, every barrel we produce helps Americans because it keeps prices down.
We think we're near energy independence - nothing could be further from the truth. We're in much better shape now, but the price of a barrel of oil is going to be controlled by the Middle East for the next 10, 20, 30 years for sure.
We're not in the middle east to bring sweetness and light to the whole world. That's nonsense. We're in the middle east because we and our European friends and our European non-friends depend on something that comes from the middle east, namely oil.
You could pay a fair market price for a barrel of oil and cut 50 cents a barrel or a dollar barrel off what you're going to pay Mexico and use that money and put it towards to the building a wall. If they don't like it, too bad we're go buy the oil.
Gas prices in many parts of the country are nearing $4 a gallon; it could get even worse as unrest spreads throughout the oil-exporting Middle East. Yet the Obama administration once again seems to see no crisis. It has curtailed new leases for offshore oil exploration for seven years and exempted thousands of acres in the West from new drilling. It will not reconsider opening up small areas of Alaska with known large oil reserves.
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