Some people just hate good news.
Oil has been overpriced for the last half decade. WAY overpriced!
Had any other person been POTUS, we would already be enjoying $1.50 Gal gas as we would be full bore fracking on Government land, drilling on the continental shelf and in ANWR. With that low price the economy would be growing at close tp double digit rates every year!
Low cost energy is the engine of the American economy. It pushes the expansion of manufacturing, trade, shipping and even home building as more people can afford to buy property instead of overpriced gas.
Take the good news and go to the mall, save a couple bucks in the bank and enjoy a night on the town wit the money we used to spend on getting to work.
what if cheap oil prices make fracking unprofitable. I don’t know enough about the oil business to know what it costs per barrel to pull a barrel of oil out of the Bakken.
I don't entirely disagree.
But it wouldn't really have made much difference. All available drilling rigs have been going flat out for a decade now.
Allowing drilling on federal land would not have added a single rig. All it would do is divert some of those rigs to the West from locations further east. I don't know any reason this would have resulted in more oil being available today.
East of the Rockies the relevant geological layers are flatter and generally easier to access. From the Rockies west the geology is much more complex and challenging. I suspect most companies would rather drill in TX, ND or PA.
You’re right.
I remember thinking the Europeans were nuts for buying $3.50 gasoline. Now, we’ve been conditioned to think it’s normal. No it’s not!
Government land is the problem. The feds aren’t supposed to be big landholders. Government is political by nature and America was designed to be a giant free trade zone.