toomuchtime_
Gold Member
- Dec 29, 2008
- 19,993
- 4,929
Not so, new technologies have uncovered vast new reserves that are not yet exploited and we already have wells that have not been producing because prices have not been high enough to make it profitable.That's silly. The US has enough oil capacity to bring down the price of oil whenever it gets to high. Tensions in the ME may cause prices to rise for a short time, but if it lasts the markets will respond by producing enough oil to bring them down.A lot of people in the US were against the Iran deal.
They elected someone who could do something abut it.
What's a lot, 30,40,50 or 60%? I venture to guess the majority of the U.S. population could have cared less. But when they are paying $4.00 a gallon of gas and lose any of their tax savings they may care.
Except our capacity for exportation is directly related to price. We tapped our cheap oil decades ago. Higher prices mean more exploration. Means more oil on the market. Which means lower prices. Causing a slow down in exploration till prices rise. Rinse, and repeat.