Many opponents of policies that promote U.S. oil exploration and infrastructure -- including #ImpeachObama and many in #Congress -- argue that the resources dont help Americans if they are shipped overseas. Current events demonstrate how wrong they are. Oil is a commodity, and it sells at a world price. Significant new production can change that price dramatically — in this case, it has nearly halved the price in a matter of months. OPECs manipulation of prices, it turns out, had its limits. The extraordinarily high prices of the last few years spurred new innovations in energy exploration in the U.S. — especially the perfection of hydraulic fracturing and horizontal drilling techniques. The Saudis and other OPEC countries are now reaping the benefits of their own greed. And Congress should overturn the decades-old law prohibiting the exporting of US-produced oil. Will Congress take the initiative in 2015?
Posted on: Wed, 24 Dec 2014 09:20:04 +0000
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