Drill baby drill!

[NaturalMystic]

How many here believe that if we begin to drill here oil prices will come down. I don't believe that they necessarily would due to the price to produce in the US, OPEC could manipulate production to offset difference, and that it is more of a currency issue than supply. Please help so that I am better informed on this topic it seems to continue to be a arguing point I continue to cross. Thanks

[Vessol]

Most of our oil comes from the oil-rich sands of..Canada.

[NaturalMystic]

Ohhh ! is that who they are refering to as us being dependent upon for foreign oil. Those Damn Canadians.

[dannno]

Drilling is the best sport.

[Stary Hickory]

Increasing supply always drives down prices...for us it would mean maybe politicians would stop looking at the Middle East for oil..we could get out of the Middle East. I would love for us to drill here to drive down prices and so that we could stop messing around in the Middle East.

[NaturalMystic]

but who would drill here? the same companies that drill around the world?

[dannno]

but who would drill here? the same companies that drill around the world?

It doesn't really matter as long as you take away the cartel aspect to the whole scene.

Oil companies will drill wherever they can where it is profitable. A lot of areas are off-limits for drilling for ALL companies, which helps keep prices up for all of the companies. Government acts as an enforcement tool for the oil cartels. If you study cartels in economics, you'd know they rarely ever work on a theoretical level because while the cartel members may agree upon a specific price floor or rule regarding where to and not to drill, there is nobody to really enforce these agreements. This is where government comes in.

Take away government, you take away the cartel's ability to control prices and control the markets. Oil companies will just jump in and have to start competing.