Don't buy the hype that the world is running out of oil. As technology progresses, so does our ability to find oil in places that were previously unreachable. The U.S. has enough oil in ANWR (Alaskan National Wildlife Refuge) alone to replace everything we purchase from Saudi Arabia, and that doesn't even tap what's been found recently in the Pacific or Gulf of Mexico.
[Unfortunately, the environmentalist wackos have prevented us from developing our own natural resources, whereas other countries gladly dive right in. That is incredibly stupid, and needs to be changed...!]
And it doesn't stop with us - oil is being found all over the world. Just the latest example is this Fox News report that a new oil reserve with as many as 8 billion barrels was found in an ultra-deep field off the coast of Rio de Janeiro. It's big enough that it could transform Brazil into a major world exporter.
When you start seeing oil people turn to other industries, then is when you should start getting worried. Until then, don't sweat it.
For example, the United Arab Emirates -- one of the few Middle East countries laden with oil that has embraced capitalism -- purchased 100 new jumbo jets to the tune of $24 billion this year. Do you really think that these oil barons would spend such lavish amounts of money on equipment that relies on massive quantities of oil for fuel if they didn't believe there was no shortage on the horizon?
Don't buy the hype.
There's my two cents.
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