If oil companies were allowed to drill where the largest deposits are (which are the cheapest areas for them to produce, wells capped when producing just fine etc) ,IE within 50 miles of the coast and in other places where it is blocked by the environmentalists.
Plus all the shale and coal put into federal park lands.
Boo hoo for the oil industry. If it comes down to the world versus Exxon, I know who I'm going to support. And if the "oil industry" dies a horrible, lingering death, it will be no more than they deserve.
This brief respite from oil tyranny should be the impetus we need to uncover any sources of energy we can that are not dependent on crude. I don't care if it means burning corn cobs and lawn clippings. We should never again rest our economy or our national security on the whims of amoral oil giants who have reached the point where they are economic superpowers in their own right.
He might look at what Exxon does. When oil was well over $100, Exxon was reportedly basing its business decisions on $37 oil. If the project wouldn't work at that price, Exxon was taking a pass.
The article said — “No one in the world could afford paying $147 a barrel for oil last July,” he said. “And, in a different respect, no one can afford $38 oil now. Oklahoma can’t afford it.”
But, Oklahomans have liked the lower pump prices (even if they have gone up in the last week or so...).