Donald Hank writes:
Obama has failed to stop US oil production from increasing. Despite his ban on drilling in the Gulf and his policy of "Green über alles," he has been unable to stop a trend that came seemingly out of nowhere.
One thing driving the trend is actually increasing world oil prices, which ultimately owe to awful currency policy decisions by the Fed.
But the higher oil prices charged by OPEC have made expensive extraction processes like fractionation ("fracking") feasible for the first time.
If this trend continues, it could help tone down some of the pessimism (including my own).
But it will take a lot of intervention of a higher order:
http://soberlook.com/2012/03/rapid-increases-in-us-oil-production.html
Don Hank
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