Originally Posted by
Port Tack
Exxon will not sell anyone oil for a penny less than the global price of oil set by OPEC.
And if Exxon can buy oil for $50 per barrel when it costs them $60 per barrel to drill for it, they will stop drilling and buy it overseas. That is why the US is not dependent on oil from elsewhere. Just because we may have imported more than we produced does not mean we are dependent. The instant oil prices rise enough that it is profitable for oil companies to produce, we won't need a drop from elsewhere.
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