oil crisis like 1974?

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The Iranians saber rattle all the time. Iran knows the US 5th fleet is also in the Strait. They do this to drive the price of oil up. It lasted a few days. The US sits on a huge reserve of oil.
A few years ago the saudi oil minister said only 18% of the worlds oil has been tapped. When I was a kid we were told the oil would be gone before the year 2000. It isn't. They just keep finding more & more. Fossil fuels will be around for a long time to come.
Gas would be cheaper if new refineries could be built.

They are having to drill deeper and deeper. Remember the BP oil spill last year and them not being able to shut it off. Wanting to drill in some of the most pristine environments in the world...after a fuck up like that? Why do you think they are having to take greater risks to drill for oil? The days of a hillbilly shootin for his food and oil pops out of the ground from a bullet are long gone, although some continue to believe it will never run out and santa is real.
 

ialooking

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The United States is a leading exporter of refined fuels. We also have huge reserves of natural gas. Though I agree that water will become a precious commodity.