World oil production is about 32 billion barrels a year. Another billion or so from the US would have very little impact on prices. The high prices are largely driven by higher consumption in developing countries; many people in China and India are now able to buy cars.
Actually... that is just what the left wants you to believe. There is corruption and manipulation going on and it is worldwide and in every government.
LLS
Since Libya only produces ~650 million barrels a year, their complete shutdown would have little impact on prices as well???
No, it would ake little difference in SUPPLY, not price. The trading price on the futures market would see an immediate drop as soon as the Obama administration started REALLY issuing permits, not just the token one just issued in an attempt to beat the contempt of court charge.
>Another billion or so from the US would have very little impact on prices.
I’m tempted to laugh, but it would be counter productive and you might take it the wrong way.
To correct you, it would have an IMMEDIATE impact on prices here in this country.
A change in current policy would be the dynamic that would drive down prices for a decade.
And don't post facts either.
I disagree. Remember when we had $4.50/gal gas and Chuck Schumer was all over the place holding hearings on oil execs. At that time Bush started easing up restrictions on domestic drilling and prices started falling. This just on the speculation that the US was getting serious. Of course right after that Hussein was elected and here we are.
It can happen if the rest of the world believes we're serious.
The issue is not the state of foriegn countries we compete with in buying our oil, its the fact that to “preserve our planet” (which was out here by God for our use, by the way.) the EPA has said we cannot tap into the large reserves of oil waiting on the land in OUR country, and Obama has agreed. I do agree that may be causing a hike in prices, but why is that an issue in the first place? We can let the Middle East “destroy” its side of the planet, but we cant “destroy” our side? We should be using our own supply of oil, that would solve us being affected by the development of other country’s automobile usage as i see it. Not to mention that most times, in a national economy at least, high demands dont always force a high price. Prices generally fluctuate regardless of demand, so this may not be the issue at all.