Oil Supply – Yes We Can

by Kyle Isakower
Mar. 13, 2012

Opponents of increased domestic oil production like to portray the U.S. as being helpless in the face of worldwide events.  This argument sometimes takes this form:

… with only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices – not when consume 20% of the world’s oil.

Which we dealt with here, and sometimes likethis:

…oil prices are dictated by the vast world market, of which U.S. production is just a small fraction.

or this:

This notion that a politician can wave a magic wand and impact the 90-million-barrel-a-day global oil market is preposterous…

While it is good to see supply and demand being mentioned when discussing oil, the U.S. is hardly a feeble little victim unable to affect the market.

In 2010, according to the EIA, the... more »

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