DOMESTIC production, dummy.
Despite political promises to make us less dependent on imported energy,
domestic oil production has steadily declined from 9.2 million bbls/day in '73 to 5.4 million bbls/day in '04.
Imported oil, OTOH, has skyrocketed to over 10 million bbls/day, making us dependent on foreign nations for 2/3 of our supply.
Nice try Willie, here's what you said:
"You mean how globalism reduces productive capacity to drive up prices for those commodities?"
How does increasing oil production in a global market equal reduced productive capacity?
You really think we could produce 9.2 million bbls/day in the US now? Or 15.4 million bbls/day?