Now we can talk for days (and I�m sure we will, because people here are just incapable to sticking to the subject) about why we should drill domestically for oil.
But I would like to keep this discussion focused on domestic drilling and how it lowers the price of oil or gas at the pump. The intent is to bust the myths associated with this subject.
Well, maybe a better question; what is driving oil prices to $50 a barrel?
Mostly worldwide demand is way down but production is way up. And it's not just US produciton, it's mostly OPEC. Saudi Arabia just can't resist this opportunity because they're unlikely to have it again. With oil under $80.00 per barrel, they can seriously screw the US fracking industry because every barrel that's fracked at these prices is a big money loser for US oil companies. At some point, they'll have to shut it down because this isn't sustainable.
Meanwhile, low oil prices means Iran is getting royally screwed also. So oil prices will fall and stay under $80.00 per barrel for at least a year, mark my word.
This isn't exactly a "real" market, it's artificially low for a very specific purpose.
