Cartoon Of the Week
Look familiar? In spite of all the yaking about "dominating the world with US shale oil," this President still has to pay homage to OPEC and grovel for lower oil prices, just like all the rest.
Why? Because the truth is that America is the largest oil consuming country in the world, by a wide margin, and our current production only represents 12% of total world production. And half of America's production is currently light tight shale oil that is expensive to extract and declines like an anchor dropped in the open ocean; 11MM BOPD is very temporary. Does it make sense to you to be exporting our nation's last remaining oil resources away to foreign countries? At a steep price reduction? All on massive amounts of debt that is not getting paid back? Wouldn't it be smarter to conserve our resources, re implement mileage standards, and re-tool America's refineries to use America's oil? Should we be pissing the rest of the global community off with trade wars and tariffs?
Fact is our kids are going to need all the world's crude oil they can get someday, not so far off, including OPEC's. Nobody likes that, including myself; its just a fact, Jack.