[autumnraine]

What good is letting every oil company drill where and when they want if they are only going to sell it to other countries? North Dakota has been producing a lot of oil, but we are shipping it elsewhere!

So we let them tap our oil for what? China to buy it up?

[Former Proud Canadian]

Not sure where to start, but here it goes.

Check out this map: http://www.gasbuddy.com/gb_gastemperaturemap.aspx

You will note that the lowest prices are occurring in the upper midwest and the western states. North Dakota production is actually not being shipped elsewhere. It, along with Canadian oil, is helping to create a glut in the midwest and the west, which are enjoying lower prices as a result.

Even though politicians will try to ignore them, the laws of supply and demand are immutable and undeniable. Oil lifted out of the ground in the US will be sold to the highest bidder. If that process means that oil lifted in Texas and refined in Houston is sold and exported as gasoline to a foreign buyer what is wrong with that? It actually earns foreign exchange for the US which can then use that money to buy oil or cheap Chinese imports.

I think, however, that you are way off base on your premise. The US net imports of petroleum products is around 9 million barrels/day. In other words, if you produced another 9 million b/d your net imports would be zero. Here is the reference: http://www.eia.gov/energy_in_brief/foreign_oil_dependence.cfm

The oil market, unlike government, operates on a rational basis.

[Former Proud Canadian]

Here is an example of your government's insane "energy policy" and how it drives up prices. No speculators involved here:

http://www.freerepublic.com/focus/f-news/2851586/posts