Re: Do you think this will lower the price of gas?
IMO, I'm not convinced it's because they (oil companies) can't drill, it's that they didn't want to. Again, it was easier/cheaper for them to buy foreign oil and refine than to explore for new reserves.
It has been reported that it costs the oil companies about $60 per barrel for US oil and up until a year or so ago, foreign oil was less than that.
Now that oil is $1xx a barrel, it's now more lucrative to explore and refine US reserves. We'll see what happens...
Mike
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