This is an old debate and we've had to listen to it quite a few times, so you know how it goes:
Conservative: Increase U.S. energy independence by exploiting more domestic resources! In other words, drill, baby, drill!
Liberal: Well, drilling won't do anything to lower the price of gas in the short term, and besides, there's no guarantee the oil will be sold here in the U.S. Greedy American oil companies will sell it all over the world so they can make a buck. Besides, too much of the oil has to be fracked, which is too expensive and dangerous, and converting shale to oil takes too long and is too expensive. So now, we cannot reduce the price of oil by drilling, baby, drilling.
Yeah, you've been hearing that from liberals for years now. Well, in spite of Obama's best efforts to prevent oil exploitation in the United States by banning it everywhere he can (which means on federal lands), U.S. oil production is now booming, and it turns out every word of that liberal argument is proving untrue:
Ample oil production, particularly in the U.S., and tepid demand growth have sent crude oil prices plunging in recent months. Consumers are reaping the benefits, while oil-exporting nations are struggling to balance their fiscal budgets and oil companies are seeing their stock prices slump.
Production has showed no sign of slowing despite spending cutbacks by many oil companies. Prices slid Friday on reports that Russian oil output hit post-Soviet records and Iraqi oil exports were at their highest since the 1980s.
A number of U.S. producers have already responded to low prices by cutting their 2015 spending, but it could take months for supply growth to slow enough to reduce the global glut of oil, analysts say.....
http://www.caintv.com/oil-plunges-to-49-a-barrel-pro
Conservative: Increase U.S. energy independence by exploiting more domestic resources! In other words, drill, baby, drill!
Liberal: Well, drilling won't do anything to lower the price of gas in the short term, and besides, there's no guarantee the oil will be sold here in the U.S. Greedy American oil companies will sell it all over the world so they can make a buck. Besides, too much of the oil has to be fracked, which is too expensive and dangerous, and converting shale to oil takes too long and is too expensive. So now, we cannot reduce the price of oil by drilling, baby, drilling.
Yeah, you've been hearing that from liberals for years now. Well, in spite of Obama's best efforts to prevent oil exploitation in the United States by banning it everywhere he can (which means on federal lands), U.S. oil production is now booming, and it turns out every word of that liberal argument is proving untrue:
Ample oil production, particularly in the U.S., and tepid demand growth have sent crude oil prices plunging in recent months. Consumers are reaping the benefits, while oil-exporting nations are struggling to balance their fiscal budgets and oil companies are seeing their stock prices slump.
Production has showed no sign of slowing despite spending cutbacks by many oil companies. Prices slid Friday on reports that Russian oil output hit post-Soviet records and Iraqi oil exports were at their highest since the 1980s.
A number of U.S. producers have already responded to low prices by cutting their 2015 spending, but it could take months for supply growth to slow enough to reduce the global glut of oil, analysts say.....
http://www.caintv.com/oil-plunges-to-49-a-barrel-pro
