That’s true, but if really huge new sources were developed outside of OPEC, the law of supply and demand dictates the price would drop.
Maybe, but there would still be plenty of money for the Saudis and Iran to spread around for the Jihadis. It just wouldn't be OUR money.
—That’s true, but if really huge new sources were developed outside of OPEC, the law of supply and demand dictates the price would drop.—
Which is why the oil industry never runs commercials about the benefits of drilling in ANWR or the coasts, but runs lots of drivel about being “green.”