This is exactly what I have been saying for years, and in 2008, just the threat of meeting our own oil needs sent the oil market plunging from $147/bbl down to $38/bbl. That price climbed back up when Obama was elected because he did not follow the energy path set forth by GW Bush ( which was the single greatest cause of the plunge in oil prices). Dont believe me? Search oil market prices in 2008 and the lifting of the Executive and Congressional bans on offshore oil drilling and exploration. When Bush lifted that ban, oil fell $10/bbl the first day, and that price decline continued for months.
Posted on: Sun, 02 Nov 2014 13:16:15 +0000
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