A little example of reality.

March 2006, Prudhoe Bay suffers a leak, resulting in an August 2006 shutdown.

Oil prices in late 2005 - early 2006:

Nov - $53.20
Dec - $53.24
Jan - $57.85
Feb - $55.69
Mar - $55.64
LEAK discovered
Apr - $62.52
May - $64.40
Jun - $64.65
Jul - $67.71
Aug - $67.21

An 8% reduction in U.S. production resulted in a 10% increase in crude prices overnight and a 20% increase when it was announced that production would be shut down indefinitely.

Noooo..... U.S. production doesn't effect crude prices...




[Linked Image]