Let them. Seriuously. First, in the mean time we’ll keep drilling until it becomes economically unreasonable. In the mean time the 2 additional sources of extra oil will speed the decline in price. THEN, when oil creeps up again we aren’t drilling but simply uncapping already drilled wells, which is a far less expensive proposition and has already begun in certain areas. It’s also not uncommon for wells that seemed tapped out to have recharged in the interim, meaning another readily available source of oil.
Frankly, while I am not on the anti-Big Oil bandwagon, having grown up in the oil patch I have no doubt that increasing domestic production at least somewhat is not as difficult as some have said. Lots of abandoned wells out there, and the improved technology and tendency for recharging makes me think many of them could be pumping again in short order if the people holding the leases really wanted to make it happen,
BINGO!