I disagree with Ted on this and agree with O’Reilly (which I posted earlier tonight on another thread... weird)
Anyway, yes, oil is GLOBAL, but it is being drilled on OUR land. So let’s keep some of what we get to not pay GLOBAL prices.
Then YOU invest the hundreds of millions of dollars in infrastructure, exploration, production and refining to produce the oil from YOUR land and then YOU can sell it to yourself. Oil in the ground has no value, only potential value -- it is worth nothing until someone spends money to get it out of the ground. Then it is only worth what someone is willing to pay for it.
O'Reilly is clueless about how the oil business works. I suspect that he knows more than he lets on, but is demagoguing this issue to boost ratings for his idiot show so that he can hawk more of his idiot books. In any event, he is wrong from start to finish on this issue and to the extent that you agree with him, so are you.