OPEC is waging economic warfare against us, that much should be plain as day. With a weak dollar china and the EU are also waging a dollar war with us using oil as the leverage point. The euro is at 1.5 dollars to the euro meaning to the EU oil is 75 dollars a barrel thats why you dont hear the EU whining about $100 plus a barrel on the contrary they are ecstatic that our currency is in freefall. We need to send the message to OPEC that we will not stand for price manipulation. The fastest way to signal were moving away from them is to allow the totally unrestricted drilling of ALL resources inside America’s EEZ Deep water gulf of mexico, ANWR, Outer Continental shelf, heavy oil in Utah, and at the same time fund Coal to liquids immediately. That will send a message to OPEC were going to open the spigot with or without your help. America has 400+ billion barrels in known reserves, but because of POLITICAL reason not technical reasons we prohibited from using them. at $35+ a barrel EOR has made it possible to go back to old fields where only 25% via primary and secondary recovery methods has been produced, and get another 20-50% out with Tertiary and Quaternary recovery methods. supercritical CO2 being the main advance in that field. There alone is 150+ billion barrels left in existing reservoir rocks that is now technically and economically feasible to extract. The deep water and outer shelf hold HUGE amounts of petrocarbons before being ordered to stop looking the oil companys found another 200 billion barrels off our coasts. AMERICA HAS OIL let us drill it.
Bull. As you paint the picture with the rest of your excellent post, we are our own worst enemy.
“let us drill it”
Agreed. But I still hold with increased food product prices to the OPEC countries. Fight oil with food.
You are kidding right? Sure the joe schmoe over there may love it but business and the foreign leaders are PISSED that the euro is worth so much. There are several articles about it now. Airbus already said their business model falls apart if the dollar/euro rate sustains at or above $1.5/per. Many of the automakers are going to move production to the US. The high euro is killing them far worse than the low dollar is killing us.