Posted on 05/28/2016 8:50:29 PM PDT by Innovative
In his pledge to aggressively expand American oil and gas production, and his framing of that push as a salvation for the nation’s economic and fiscal health, Donald J. Trump is following in the footsteps of decades of Republican politicians.
But in a market where domestic oil production is already higher than it has been in 40 years, and natural gas production is at a historic high, those proposals have run up against a major problem: the global economy.
As the presumptive Republican nominee spoke in Bismarck, N.D., this week, in the booming Bakken oil fields not far away, oil and gas workers were actually being laid off, victims of their own success and the global energy glut they have helped produce. Plunging oil and gas prices have pointed to a fundamental flaw in Mr. Trump’s argument: At a certain point, production of oil and gas will push prices too low to justify even more production.
(Excerpt) Read more at nytimes.com ...
There is billions of barrels of oil off the coast of CA that currently can’t be touched.
Don’t we import crude, refine it and send it to whomever?
Trump specified he wants energy independence and even the ability to sell to others instead of being beholden to the others.
Coral Davenport, leftist shill.
I can live with driving the price of oil low so the islamic terror financiers have less money.
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