Oil prices were in the $20's when this administration started, did a little peak in the $30's after 9-11 and returned to the $20's. History shows the price was in the $60's during the Iran/Iraq war in the 80's. Recently the Iraq war starts and up it goes. The Iran drumbeat starts and it really skyrockets. The weak dollar plays a part albeit much smaller. The graph in the link doesn't even show the now $130 plus price.
If oil companies wanted to drill back when oil was only around $30 of course they will want to drill now more than ever! The cost to extract the oil is almost the same but the price is over 4X higher! That's simple math for any corporation where the goal is profit. Anyone that thinks our drilling for oil will lower the price is mistaken.
We need to get off oil, not get more of it. The air car and electric car are the best bets now. Even hybrids, which I believe will be gone in 10-20 years are a help. I don't understand why people want "more of the same" which includes more drilling........
We need to lead the world with new technology. It's the best hope for our struggling economy.
ET
