Domestic oil production has been dropping steadily since 1970. Why? The same reason we don’t make shoes or clothes or TVs or anything else - it’s cheaper overseas. And since oil’s a commodity traded on a world market and you make the same amount of money no matter where you sell it, overseas production means increased profits. The oil companies aren’t in business because they like you; they are in business because it’s a great way to make money.
“Domestic oil production has been dropping steadily since 1970”
Not true....in any sector(offshore or onshore)..but please notice the drastic drops since Obama and the dems have been in charge:
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M_EPC0_FPF_RUSSF_MBBL&f=A