from what I have read here on FR, it doesn’t matter how much we pump from US sources, the oil companies plan to keep the prices high claiming the high cost of pumping here.
The Arab oil barons kept us hostage before, now it’s our own oil producers. They are playing into Obama’s hand and he is grinning from ear to ear. He stated he would have gasoline at $5:00 a gallon before his term was up.
If you think oil companies just set the price of oil, and there is not competitiveness in the market, why would the oil price ever drop?
How did prices fall to around $10 in the late 1990s?