Is there really a shortage of crude oil on the world markets today?

Do you believe the oil companies about oil reserves and refining capacity?Is there really a shortage of crude oil on the world markets today?
Of course not.





Unlike the case of the 1970's embargo, there is no shortage. Oil and gas are abundant. The oil producers and their cronies realized that a demand for the product exists at a higher price, and have proceeded to manipulate the market to jack up the price. Of course, the government is looking the other way. In the past, everytime they tried to do that, a small portion of the Strategic Oil Reserve was released and oil prices soon dropped.





Why is that not being done now?





Can anyone guess the answer?





(A cue: remember Farenheit 911?)Is there really a shortage of crude oil on the world markets today?
I doubt it. They just control how much they put out there.
To an extent yes, but in the overall scheme of things we are getting ripped off because oil is sold on ';futures';





Maybe oil will be more expensive next month, so the people who sell oil get away with raising the price.
I think there is. We are supposed to be reaching peak oil anyday. It does sound like BS though. I don't know. I think that regardless, we should come up with more mixed transportation: light rail, buses, bicycle lanes, etc.
No.





The markets are reflecting the uncertainty about the future of the oil production process into the price of oil. Keep in mind that its SPECULATION that is driving prices higher, not shortages, or production cost increases; traders, not oil exploration companies.
I believe that the oil companies are just taking advantage of circumstances. In 1973 we had an oil shortage, gas was rationed out and tankers loaded with crude sailed up and down the east coast full of oil.





There is a saying, you can always tell when a Lawyer, or Politition is lieing. Their lips are moving.
No, not really. OPEC simply limits the amount of oil exported to other countries in order to keep the price high, however even with that we could still produce oil at a much cheaper rate by tapping sites in Alaska or Texas. We really do not need to use foreign oil. we just choose to keep our own underground.