India and China are now major consumers of the world's oil supplies. That has increased demand, which has decreased supply and caused the prices to soar.
These two countries have become major consumers in large part because of American companies exporting their manufacturing to them. Not only has this increased the industry in these countries, which is a drain on oil supply, but it has increased the wealth and living standards of their citizens. These citizens are driving more and using other machines the consume oil.
This is part of the ‘hidden cost’ of the greedy side of corporations seeking a higher profit. Would they have been so eager to offshore had our government not put them under such punitive regulation and taxation? Probably not.
But if our government were to rescind that regulation and decrease the tax burden, does anyone really think the corporations that are already offshoring would suddenly close up their offshore shops and bring the jobs and manufacturing back to America? Of course not. They would see it as another spike to their earnings.
All we should be worried about is being able to refine and use our own oil. But due to the Democrats being hand and hand with the Environmental cooks we cannot!