SgtMaj
Lieutenant Commander
- Joined
- Nov 19, 2007
- Messages
- 1,997
After reading a news story on the 60 billion barrel oil fields in the faulkland islands that are being drilled, I thought I'd check some figures just for fun to see if that is more or less than the amount of oil the government has dumped into salt caves in Texas since 9/11 (the strategic oil reserve), since they have been storing a little more than 4 million barrels a day there...
Well it turns out, that it's nearly 6 times as much... but then I got to wondering how that broke down to an individual level, and how it has affected the economy. I found something out that amazed even me... so here it is:
In 19 more days, on April 11th, the government will have stored enough oil since 9/11 that if refined, they could give each and every person in the United States, that's man, woman, and child, both legal residents and illegal aliens, 1000 gallons of gasoline each.
Effect on the economy: In a cash-value sense, that is enough to put $3000 cash in everyone's pockets, assuming that the national average price of gas was only $3 per gallon for ease of math, of course it is higher now. Now if a $600 per adult tax rebate is supposed to be enough to avert a full recession, what would $3000 per person do? But it's more than that. The effect of taking all that oil off the market, has more than doubled the price of gas. But for the sake of easy math, we'll just say that it's only doubled it and no more. Since the national average of gas consumption is 500 gallons per year per person, that works out to a savings of $4278 per person since 9/11. In addition, if the oil hadn't been taken off the market in the first place by our government purchasing it with your tax dollars, and assuming that the government refunded those tax dollars back to you, you need to add roughly $1300 to your savings, bringing the total money that would be weighing down your wallet to $5578 per person (this is including children and illegal aliens in the calculations).
So what that means is that the government would have to give out a stimulus package 10 times the size of the current one in order to undo the damage that they did with this one policy. Wether or not we'd even be facing the possibility of a recession if everyone had an additional $5578 in their pockets, I'll leave that up to you to decide.
SgtMaj
Well it turns out, that it's nearly 6 times as much... but then I got to wondering how that broke down to an individual level, and how it has affected the economy. I found something out that amazed even me... so here it is:
In 19 more days, on April 11th, the government will have stored enough oil since 9/11 that if refined, they could give each and every person in the United States, that's man, woman, and child, both legal residents and illegal aliens, 1000 gallons of gasoline each.
Effect on the economy: In a cash-value sense, that is enough to put $3000 cash in everyone's pockets, assuming that the national average price of gas was only $3 per gallon for ease of math, of course it is higher now. Now if a $600 per adult tax rebate is supposed to be enough to avert a full recession, what would $3000 per person do? But it's more than that. The effect of taking all that oil off the market, has more than doubled the price of gas. But for the sake of easy math, we'll just say that it's only doubled it and no more. Since the national average of gas consumption is 500 gallons per year per person, that works out to a savings of $4278 per person since 9/11. In addition, if the oil hadn't been taken off the market in the first place by our government purchasing it with your tax dollars, and assuming that the government refunded those tax dollars back to you, you need to add roughly $1300 to your savings, bringing the total money that would be weighing down your wallet to $5578 per person (this is including children and illegal aliens in the calculations).
So what that means is that the government would have to give out a stimulus package 10 times the size of the current one in order to undo the damage that they did with this one policy. Wether or not we'd even be facing the possibility of a recession if everyone had an additional $5578 in their pockets, I'll leave that up to you to decide.
SgtMaj
