Now, as OPEC members have again refused to freeze production, domestic producers are searching for strategies to regain market share.
“This is very appropriate, as yesterday, OPEC and Russia and various countries met and decided they weren’t going to freeze oil and in fact, OPEC said they will increase production again,” Cambridge said on April 18. “This will drive the price down to $26 (a barrel) again. This is not a good thing for our country.”
Dr. Daniel Fine, an expert in energy futures and economics, has been tasked by the producer group to present the campaign details to lawmakers. Fine, who is an energy advisor to New Mexico Gov. Susanna Martinez, is the Associate Director of the Center for Energy Policy at New Mexico Tech. During a legislative hearing last fall in New Mexico, Dr. Fine testified that areas of increased production in the U.S., including the Permian Basin, are now “the target of an oil price war between OPEC and Non-OPEC oil supply.”
“What happened at OPEC gives us today the only going strategy to deal with the oversupply (of oil),” Fine said. “We have drawn the line in the sand and said ‘you have gone too far; we will not buy your oil.’”
Let’s hear a cheer for higher prices for heating oil, vehicle fuel, and any goods shipped using vehicle fuel (i.e., everything)! Yay!
Literally one of the dumbest ideas I've ever heard.
If you don't want us to buy imported oil, you need to produce 100% of the oil we consume.
“We have drawn the line in the sand and said ‘you have gone too far; we will not buy your oil.’”
Excellent idea. Also, stop consuming oil until we produce more than 100% of our oil needs.
I’m still waiting for my check from you for buying your gas at $3.75 pg.
Oil is a global commodity. If you ignore the
market manipulation, Saudi Arabia is the cheapest oil
to produce, therefore the cheapest oil. The Americas have more oil than the rest of the world combined, but it costs a lot to get it to market. I’d rather the market adjust, suck Russia, and the middle east dry of the cheap reserves, and invest in the Americas resources for our kids future.
Cost to produce a barrel of oil in Saudi Arabia and Kuwait about 10 bucks a barrel. US is about 36 and Canada 41.
Buy American! No imports! Protect jobs! FreeTraitors! Oh this makes gasoline more expensive...never mind. Greedy oil companies! Use their oil first! Global commodity!