The Dig on a History of Oil and Gas in America

We discuss our relationship with Oil, take a look at the history of oil from starting with our reliance on the Middle East, how it impacts our economy, and why the price is high. Plus we discuss alternatives and look at a few reports with differing views and some fun graphs.

Some facts for the graphs.
U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005 as the price of a barrel averaged about $60.
In 2008, oil prices rose to as high as $145 per barrel causing a search for alternate sources, and gas at the pump hit as high as $3.90 national average. By 2012, less than half the US oil consumption was imported, which took place under Obama, and in January 2015 decreased to around $50 per barrel gasoline fell to about $2.43 and then to a 20 year low of $2.14 in 2016, and have risen slightly since. After Trump took office in 2017, prices increased slowly, hitting $2.99 in May 2018 against a barrel cost of $74. After a slight dip in 2019, (oil companies made about $55 billion that year) prices fell sharply early in the COVID 19 pandemic, which of course was orchestrated by this podcast and our boss, George Soros, but raised quickly by may and increased steadily since then. When Biden was sworn in, the price per barrel of crude oil was $ 55, and the price at the pump was about $3 per gallon.