I would love to have more domestic E&P as it would make my job quite a bit more convenient. However, if such production were to the the price of oil lower, then domestic E&P would cease under economic restraints as it would not be profitable to drill in new areas within the United States.
As it is right now, if you want domestic oil, you must also want oil that cost between $90.00 and $10.00 a barrel.
And my guess is that most Americans would rather pay $2.50 a gallon for gas that is made mostly from foreign oil than pay $3.25 a gallon for gas that is made from mostly domestic oil.
“I would love to have more domestic E&P as it would make my job quite a bit more convenient. However, if such production were to the the price of oil lower, then domestic E&P would cease under economic restraints as it would not be profitable to drill in new areas within the United States.”
That’s a contradiction - the price goes down, but just a bit, to balance supply and demand. If it went so far down to make domestical oil disappear (when we are producing around 5million bbl/day) the price would go back up. Somewhere in the4 middle is the balance...
So you get to do a lot of new work, and we get cheaper - but not much cheaper - oil.
We can find a lot of oil at $70/barrel that was non-economical at $20/barrel. The REAL issue is whether we send that $70 to Carolina’s and Texas and Cali and Alaska ... or to Nigeria and Iran etc.
I’d rather we keep the money here.