Think about what that will do for our balance of payments and our economy.
The money in our pockets will soon begin to grow faster than fuel prices.
So9
We haven't built a refinery in 30 years in this country. We can not drill for oil in ANWAR in a section specifically created FOR DRILLING when ANWAR was created. And you think suddenly we will be able to engage in other forms of oil extraction in this country?
The real answer to our oil problems is to ignore the enviro wackos and start exploring and pumping like never before. Start drilling the gulf. Start drilling off California. Start drilling ANWAR. Start drilling the Atlantic side of Florida. And build Nuclear Reactors!
Another component of reducing gas prices I forgot to list is the reduction of the over 40 different blends that must be refined and distributed around the country. Regional blend requirements from the EPA add a great amount of cost to gas as well.
You're thinking in constant dollar terms. It very well may be that when oil hits $100/bbl that $100 has the purchasing power of $70 today meaning these techniques will not be viable.