Quote:
Originally Posted by oil pan 4
I remember hearing something that drilling won't lower oil prices, we can't drill our way to energy independence, it will take 10 years to bring the oil to market.
Well the other day I checked oil prices and they were $47 per barrel and the United States is an oil exporter for the first time in 75 years.
Oh and we reduced our plant food emissions in 2016 and 2017.
27 states have stations under $2 a gallon.
Good thing no one listened to the nay sayers.
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You may remember back to October,1973,when West Texas intermediate crude was selling for $2.90 a barrel at the wellhead,and Saudi crude was selling for 25-cents a barrel.
For many decades, thanks to OPEC,the selling price has had absolutely nothing to do with the cost of production,plus a reasonable margin of profit.
And with corporate taxes down now,businesses can afford to lower prices and make the same profit margin.