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rdean
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CANCUN, Mexico (AP) -- The head of the Organization of Petroleum Exporting Countries said Tuesday that current international oil prices hovering around $80 a barrel are good for the world economy and oil-producing countries.
"In OPEC, we don't want a low price because (a) low price would not permit us to invest, so if we don't invest, we cannot have more oil," El Badri said. "And we don't want a very high price -- that will affect the demand."
OPEC Says Current Oil Prices 'Fair'
So once again, I ask those on the right, "What makes you think offshore oil will cause prices to drop?"
Come on now, make it good.
As I asked in my earlier post- what is this fixation with "dropping" oil prices? Is that the motivation behind finding new reserves in the U.S.? Hardly.
Imagine if the U.S. produced 100% of its petroleum needs... what would the price of oil be today? The same, assuming world supply/demand were as it is today.
This is about jobs, balance of trade, trade deficit, and energy security.
Those are all good points. But they also raise questions.
If since no oil has been found, is it there? Just because the US hasn't allowed "drilling", does that mean no "exploration" has taken place. I read a government report (didn't save a link) that, at the most, domestic supplies could only keep the nation going, at the present rate, for at most, 15 years.
We wouldn't see any oil until 2030.
Do the oil companies pay the US beyond the leases? I don't know.
How many jobs? Isn't a lot of our refining done overseas now?
Would the nation be better served if jobs were rebuilding America's infrastructure?
Anyway, I think those are the types of question that will come up.