--- In FairfieldLife@yahoogroups.com, "Richard J. Williams" <richard@...> wrote:
> My solution is to drill for more oil and get > it to the refinery as soon as possible so > people can have cheap gasoline to get to work > at their small or large business job. > > In fact, I told you about this years ago! /// Oil is a fungible commodity sold on the world market with prices set by the free market. "US" oil is sold on the world market like any other country's oil. Oil leases granted by the government to big oil companies means only that the government shares the revenue of the sale of that oil with those companies. It doesn't mean that somehow that oil and it's derivatives stay in the domestic market, or is sold at some sort of discount to locals. http://www.scientificamerican.com/article.cfm?id=can-offshore-drilling-make-us-independent So are promises of U.S. oil independence real—or rhetoric? The issue is not whether the U.S. can significantly reduce its reliance on oil imports with domestic, offshore oil, say both Kaufman and Nathan, but whether there is enough that is recoverable to significantly lower the price of a barrel of oil on the global market. ... Kaufman dismisses as "nonsense" any promises that offshore drilling could make the U.S. "oil independent." Even if it could somehow insulate itself from the ups and downs of the global oil market, he notes, the U.S. would have to make a huge leap in domestic oil production to replace what it buys from overseas.
