We have a longs ways to go before we can meet domestic needs since we are still hugely dependent on imported crude oil.
An just for grins, where our imports come from.
At one time we imported 25% of the world’s oil. As we approach energy independence and in turn release oil to the world market that has to hurt countries like Russia and the Middle Eastern countries who rely on oil as the main support for their economies. That’s a big chunk of demand to disappear.
Do you understand why the Saudis panicked over our fracking and the bonanza of oil and gas we’re reaping as a result? While many in this country don’t see the writing on the wall, they do.
I have no doubt that Obama’s recent side trip to Saudi Arabia was in response to their request. I’m sure Syria was discussed and very likely the potential damage to their national interests by our rapidly approaching energy independence.
While many have continued with the drill baby drill mantra, the energy industry has been doing that for years looking for natural gas and oil on privately owned lands. The federal government’s restrictions didn’t apply.
Now that we have the domestic supply we need, why not administer the coup de grace to OPEC which will have the bonus of undercutting the cash flow to the state sponsors of terrorism? You can always count on rats to look after their own interests. That means pumping more oil to maintain their income to cover critical national spending. It’s time to make them compete for sales and watch what happens to the world price of oil.
One analyst is predicting oil in the $20/bbl range. I doubt that. But we are going to see a much lower price.
“I have no doubt that Obama’s recent side trip to Saudi Arabia was in response to their request. I’m sure Syria was discussed and very likely the potential damage to their national interests by our rapidly approaching energy independence.”
Very good analysis. Your scenario makes perfect sense. IMO the Saudis desperately want curbs on our oil production and Obama will likely give it to them in exchange for other considerations. Its all a big trading game.
When leaders make trips for personal “talks” like this that’s when the raw issues are discussed. Extremely sensistive issues and deals that can’t be done through normal channels.
We have a longs ways to go before we can meet domestic needs since we are still hugely dependent on imported crude oil.
An just for grins, where our imports come from.
thanks very helpful