I think the russians may be onto something with the "ambiotic oil" theory.
It might not be the cheapest but, the US has more oil/coal/shale then any other nation on earth. (and it ain't close) When you look at the big picture the housing bubble is no more dangerous than the 10plus trillion debt that we pay interest on. Maybe its time we base our currency on energy units or commodities and start offering oil back to china in return for our t-bills wwe sold them. So what if it costs alot to convert shale to oil...guess the chinese will get fewer barrels for their t-bills, huh. In case you don't know...we probably have 2 to 3 trillion barrels in oil shale alone......enough to pay back the debt with ease. We also need to go ahead with t-boone pickens plan and put wind power energy to work. Did I tell you that we also have the worlds largest supply of coal???? 300 years plus worth......our wind power potential dwarfs all countries on earth also....So you want to talk oil reserves???? The us has 300-400 bbbl in NORTH DAKOTA alone. It was VERY consevativly estimated to produce 1% recovery rate...but the current learning curve is gonna put it way beyond that. Also, Don't be so quick to dissmiss Lindey's statements about Alaska.
If you want to know why the RUSSIANS buddy up with the arabs and chavez and any other OIL producing states, its because they are doing their damdest to keep oil prices high. Why? cause if they lose their oil revenue they are finished economically they only other thing they sell that anybody wants is weapons /nuke plants/vodka...oil is what keeps them afloat. The US needs to be an energy producing TITAN....and it would also produce a heck of a lot of good paying jobs. Its not the availiability of oil that is what everbody wants to control...its the price that they want to control. The US needs to get off of its debt ridden a$$ and start using its brains and resources for the benefit of its country. Think about the stupidity(I mean greed) of a nation that goes broke while also having the world largest supply of food and energy...incredible! USA FIRST! ...and I could care less who the next president is.