Thanks To Granddaddy Mac (fka KeepBloodFlowin)

[billyjimmytimmy]

Here's a differing take as to why we need domestic oil production.



Cramer gets it wrong again. 80% of Iraq's oil has never been tapped. And, that's the easy to get to stuff (easy to get to as in shallow, not politically easy). The developed fields have only used a fraction of the total oil due to sanctions and trade restrictions during Bush 1 and Clinton. The one country getting low is Saudi Arabia, but he makes no mention of them.

Then there are the vast undeveloped oil fields of western China, and the many "Stan" countires around the Caspian Sea. One oil field is known to be at least as large and of the same quality as Saudi #1 Sweet Crude. At current prices, the undeveloped oil of Central Asia is under-estimated at US$21 trillion dollars. Yeah sure, we're running out of oil.

The real issues deal entirely with cost of taking and controlling those regions. China has been fighting against the indiginous Muslem nomads in their western province and Western oil companies have yet to strike successful deals with the uncountable mini-kingdoms of the great Asian Steppe.

In other words, yes we need domestic oil development, and we need it now, but not for the reasons Cramer gives.