The decline of the U.S. dollar is driving this more than anything else. Dumping more oil on the world market will simply make it cheaper for others, not us. In fact, the U.S. in 2011 -- for the first time in more than 60 years -- became a net exporter of refined fuel products. The stark reality is that we're becoming increasingly unable to afford our own domestically-produced fuel.
Price of food goes up next.
I wonder if Al Sharpton will protest this.
Gold went from 1000 to 1600 an ounce under Mugabi.
The dollar has lost a third of its value.
If reelected we are toast.
There is a glut in the landlocked middle, but we still import significantly more oil than we produce ourselves. And that oil is not selling at the WTI discount.