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#7
07-24-2008, 04:30 PM
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Re: Do you think this will lower the price of gas?
Until the oil companies decide to replace imported oil with domestic oil this won't make much difference.
Domestic crude oil production has been cut in half since 1970 and has been replaced by imported oil. I suspect until the last couple of years, it was cheaper to buy foreign oil instead pumping it out of US soil... If you want to get educated in oil production, refinement, importation, capacity, history etc. go here, it's very informative: Energy Information Administration Mike 
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