Posted on 10/08/2014 7:31:41 PM PDT by MichCapCon
Crude oil would cost at least a record-setting $150-a-barrel today if not for increased oil production in the United States, according to the U.S. Energy Information Administration.
EIA chief Adam Sieminski made the comment in a recent interview with Reuters. Sieminski was appointed by President Barack Obama as EIA Administrator in 2012.
“What the EIA Administrator is telling us is without fracking in the United States we’d be paying well over $4-a-gallon for gasoline and our economy would truly be in the tank,” said Daniel Kish, senior vice president of policy at the Institute for Energy Research, a non-profit research group that advocates for expansion of domestic oil production. “All oil and gas production in the United States is done with fracking and has been for decades.”
(Excerpt) Read more at michigancapitolconfidential.com ...
Drill, baby, Drill!
Ping.
Many thanks to Barack Obama, always looking out for us ;-)
Route around the B0z0....
Just try and tell this to a liberal.....they will refuse to believe it.
... regardless, government takes the lion's share of the profiteering.
Crime, Inc.
Following up on his logic that increased supplies = lower cost of oil, why not implement the following:
1. open up totally the US offshore and arctic as well as all federal lands to drilling
2. immediately stop the subsidy of renewable energy schemes that are expensive and noncommercial. Let the marketplace decide.
3. immediately repeal onerous EPA regs that increase the cost of producing, transporting and refining oil.
Want to see $1.50 gasoline one again? it will come.
Who would have thought that supply would have an impact on price.......................
If oil drops below $80/bbl a lot of the production from fracked wells becomes uneconomical. Couple that with an oversupply of light-sweet crude and the inability to export and you have a recipe for falling prices which in this case would not be a good thing.
“If oil drops below $80/bbl a lot of the production from fracked wells becomes uneconomical. Couple that with an oversupply of light-sweet crude and the inability to export and you have a recipe for falling prices which in this case would not be a good thing.”
Untrue. costs to produce a well are much, much lower than $80 per barrel.
What lower oil prices will do is prevent a lot of new wells from being drilled, so that production will never reach the market.
True. My apologies for the confusion between wells and rigs.
For America, but what about the Saudis?
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