Doesn’t this article ignore the option of cutting regulation and embarking on a expedited policy of encouraging domestic oil production here asap by removing regulatory roadblocks? Couldn’t we make up all that 2 million BBLs per day cut by OPEC domestically if we desired to do so?
“Couldn’t we make up all that 2 million BBLs per day cut by OPEC domestically if we desired to do so?”
No, we can’t, and we won’t in the near future. Raising production requires prior investment, years of lead time and planning and a government that cooperates with rather than delays and hinders production.
Epoch Times quotes an oil industry exec today saying North America could unleash 20 million barrels per day if the feds got out of the way.
Ten times what opec is cutting.