Ok Willie, if domestic oil production drops 1 million bbls/day and world production increases by 3 million bbls/day and consumption remains the same, what happens to the price?
I cited refinery closings, but Toddsterpatriot "wisdom" denies that refineries have anything to do with petroleum production.
Willie, this sounds silly, even for you. Refineries have nothing, as in zero, to do with oil production. We could triple refining capacity in the US and that would add not one barrel to our domestic oil production.
I think we can produce more than we do by drilling offshore and in ANWR, though not enough to completely offset imports.
Whadda ya know, we agree. I don't agree with your train ideas but more nuclear wouldn't hurt either.
It increases because we've become less productive and the trade and budget deficits combine to devalue our currency.