1. Fungibility of oil means market prices will be affected by supply and demand. Chinese and Indian demand will suck up any additional supply the US can generate. High oil prices will be around until the countries with a lot of cheap oil still in the ground (ME) produce more.
2. The nominal price of oil is irrelevant economically.
I don’t get the impression that you have a strong grasp of economics based on these comments. Please feel free to disabuse me.
Ah, a voice of sanity...I hope you’re wearing your finest asbestos suit; you may well need it.
LOL - yeah, just toss out the statement and ignore the half of it!
The part about supply - It doesn't matter who sucks what, it matters what the supply is, and every single thing that increases supply decreases the price.
High oil prices will be around until the countries with
a lot of cheap oil still in the ground (ME) produce more.
Fixed it. - As if there is a great difference between sweet & heavy crude on the world price. Sheesh!