Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb
"He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
ďIf we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures.Ē
- Alexander Hamilton. Spiritual father of #NeverTrump
The purpose of this "drilling" must NOT be to reduce gas prices.
What is important, that if there is energy(gas,oil) there we must go after it !
We cannot live in fear, we must be brave !
Hyperbole ? you say ?
Male bovine fecal matter say I.
World oil demand remains relatively constant in a wide price range. Maybe gas at $6/gal might slow the drivers around here, but $4.40 gas isnít. At $2/gal I donít think drivers would go much faster than the 79 mph that is now nominal here. There are many other examples too. Price isnít adjusting demand much. So the suppliers should be competing for market share, but itís not happening since there is a very large, essentially family run, supplier that is willing to adjust its supply to control price and therefore the effect on their investments. Aramco has invested its money in other economies, so it important to them to have their income from their investments not hurt by oil prices that are too high. Aramco isnít the only organization with complex motivations when it comes to pricing its product. There may also be a functioning cartel of suppliers. Therefore it more complicated than your formulaís limited inputs.