With inflation and higher costs of tracking, that price is probably about $50 per barrel.
That equates to about $1.75 per gallon at pump.
Regardless of oil prices, natural gas resource development will continue in the United States.
As far as domestic oil production goes, I think the fracking revolution has forced the domestic oil production genie is out of the bottle.
Domestic oil production has been the one positive thing keeping our economy alive and Americans are waking up to the fact that developing American oil resources is a key to good paying American jobs.
Until now, the Obama Administration's official policy of killing oil production but closing access to rich, low production cost oil deposits on federal land in America has forced American oil producers to exploit worn out or marginal oil fields on private property with high production costs.
With the new leadership in Congress, there will be pressure to open up development of more low cost production domestic oil fields whose development is currently blocked by the Obama Administration
In 2006, the US oil production was still falling, the shale oil fields production in its relative infancy, and we were far greater dependent on OPEC.
The oil industry is a different place than when Dick Cheney left Halliburton a decade and a half ago.
these are at all levels of government state, federal local compounding on top of each other.
what would the price of production be if all gov regulations taxes and royalties were eliminated?
A doctor told me that in healthcare what he charges patients 80% is due to government regulations and that was before Obamacare.
New leadership? You mean Boner and McConnell? Yeah. Not gonna happen. This whole election was a farce and that will become more and more painfully evident in 2015. I'm going to change my registration to Independent next week. I'm done being associated with traitors and collaborators.
‘Domestic oil production has been the one positive thing keeping our economy alive and Americans are waking up to the fact that developing American oil resources is a key to good paying American jobs.’
there is a technical limit to the amount of oil resources that are potentially developable. Those darn rocks are just too tight to flow liquids save in a very few special circumstances(Bakken, Eagleford and isolated other places).
Now gas is another matter entirely. We lead the world in gas resources in place and can enjoy via fraccing many generations of bringing this abundant, God-given resource into our homes and for our power plants.