ironhorse
Banned
- Joined
- Jan 9, 2015
- Messages
- 364
- Reaction score
- 141
- Gender
- Undisclosed
- Political Leaning
- Undisclosed
We actually saved more oil due to increased vehicle efficiency since 2008 than we have brought online via tight oil. Moreover, while tight oil has boosted worldwide supply, its only profitable at higher oil prices. The reduced oil prices today are more the result of reduced demand coupled with OPEC not cutting production in an attempt to increase market share.
Point being there is a little more to the supply / demand equation in regards to the current oil markets than the poster in the OP seems to realize.
What you are not getting is if OPEC still ran the show they would cut supply as energy efficient cars cut demand and would keep oil artificially high, they can no longer do that with the increased supply America has put in the world market. Your right about one thing though, Saudi has declared war on US oil and is trying to put them out of business.