US oil reserves and production are now tiny relative to consumption, because the reserves were wasted. (Middle East wars now, remember?) In due course the remaining reserves will likely be nationalized, but that will be a whole different world.

Gas is more complicated.

Mexico's oil reserves are rapidly depleting. Since Mexico is (currently) the third biggest source of US oil imports, but will likely have to stop exporting within a few years, that has obvious implications.

But hey, there's gas in the pumps today, at affordable prices (if you have a job), so there can't be a real problem. Right?

by Landbeyond on 09/05/2010 04:08:31 AM EST