Gas Price Point To Tapping Oil Reserves At Home | Don Brunell

Between 13 and 15 cents of each dollar we pay at the pump is for state and federal gas taxes. Because state gas taxes vary, the tax burden differs depending on where you fill up. The U.S. Federal Trade Commission, other federal agencies and state attorneys general have investigated the causes of price spikes for decades and have consistently found that price increases are due to normal market forces. According to Kiplinger Magazine, the United States has enough oil reserves to power the nation for 300 years - without the Organization of the Petroleum Exporting Countries (OPEC). Environmentalists point to the Gulf oil spill as evidence that deepwater wells are too risky and oil exploration should be curtailed. When the 1973 Arab oil embargo crippled our economy, the United States imported less than 35 percent of its crude oil. Suffering at the hands of foreign oil suppliers while we're sitting on 300 years worth of untapped oil reserves is like a family starving with a basement full of food.