re: #70 Targetpractice, Worst of Both Worlds

Meanwhile, OPEC’s cut back production due to what it perceives as a market that’s oversupplied with oil. But hey, who am I to argue with Big Oil?

/

But seriously. I’ve mentioned it before. Even if we increased domestic production? Oil would be trading at the same price. The commodities exchange wouldn’t change for the USA with increased production. It’s not about how much oil they can produce but how much oil they FEAR they may not be able to produce. If you can’t get oil from Libya, Iraq, or Saudi Arabia that would mean increased demand for limited production from the USA and Canada. Which would still mean increased oil prices because there would still be both limited production and reduced demand.