....so why is it not being extracted?
According to expert analysis, the good old USA has more oil here than in all the middle east. At current consumption rates there is enough black gold to fuel the USA for over 2000 years. Over a TRILLION barrels worth lie beneath Colorado and Utah. President Bush signed off the drilling permissions way back in August 2005 but so far not one drop has been recovered.
So, how could this be?
There are many reasons.
The price of oil is high and many people are making a fortune from it. Tapping into the new discovery will drop the price.
Could OPEC be funding the ecoloons who vehemently oppose any new oil field developments?
America won't have a reason to trample over foreign nations. Securing oil supplies is a handy excuse for throwing one's weight around the world.
America wants all the oil it can get it's hands on for itself to strengthen it's international power.
I'm sure there are other reasons. I'm sure you can think of a few yourself next time your at the pump and paying nearly £6 a gallon.