there's also the amount that is technically recovereable, economically recoverable, and the actual amount of oil there.
There is no shortage of oil right now. There is plenty of oil readily available. The problem is that certain groups of nations have slowed production so much with the intentions of keeping prices high. Add that to the fact that refineries have been shut down, oil companies keep as little on hand as possible, and the fact that there are several blends of gasoline available. There may be plenty of gas that is allowed to be sold in New Mexico, but you might not be able to sell that gas in California. This makes the false shortages even worse.
If we had one national blend of gasoline that was used year-round it would do a lot to lower prices, at least temporarily.
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