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We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.

Although increased drilling has added new oil to the nation's supply, it has not done so fast enough to offset the terminal decline of existing fields.

We are going to have to import more of our oil. Period.

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Gas prices spike plans for Hyundai pickup
Business News; Market ResearchGuest writes:

SEOUL–Hyundai Motor Co. shelved plans to build pickup trucks in the United States as soaring gas prices chip away at demand for trucks, a company official said Tuesday.

The largest South Korean automaker had considered producing pickups at a plant of its subsidiary Kia Motors Corp. that is now under construction in the state of Georgia, near a Hyundai plant in Alabama. The Kia factory is expected to be completed in 2010.


"We had studied it as a long-term project. But it appears to be too early to get into the market now because oil prices are rising sharply and trucks don't sell well in the United States," said Jake Jang, a Hyundai spokesman.

The spokesman said the company would consider the plan again if the market situation improves.

AP

Posted on Tuesday, May 13 @ 10:13:14 PDT by Leanan
 
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