Over the past three years, the United States has produced 378 million barrels of oil per month:
This is yet another 50-year high. You may decide for yourself if it's unalloyed good news, but it's certainly strong economic news.
Cats, charts, and politics
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Just drill baby drill..........
Yet, prices aren't historically low, belying the problem of extracting more domestic fossil fuels.
Amen to that
People don't realize that domestic oil is not used for gasoline for a very specific reason - its too hard to refine. When republicans are confronted with this they get that glazed look in their eyes. We sell what we produce for less refined products like bunker fuel etc. We import North Sea and Saudi light crude for refining into gasoline because its simply MORE profitable for our oil companies to do so
The problem is that we pump more and the Saudi's (read OPEC) cut back maintaining their pricing to a certain extent.
Recent discoveries of oil in West Bengal and 3 others may lead to price drops but that remains to be seen.