By THOMAS L. FRIEDMAN
If only we had this guy for president.
...And consumption is our primary undoing here. World oil production has flattened out @ 85 million bbl/day back in 2005. In other words, we haven't been able to produce any more than that since, despite our best global exploration/production efforts. In the U.S., we consume 21 million bbl/day, that's 1/4 of the world's oil production. We're 5 percent of the world's population. See the problem?
How can you say we havn't been able to produce more oil, when the Saudis just increased their output by 200,000 more barrels (again) and right now leaders of oil producers are meeting to debate increasing output? Its not that we can't produce more; its because we don't want to.
I am all for getting us off oil, but that will take time. Short term solution is for the U.S. to show everyone that we are serious about drilling in our most productive areas, polar bears be damned. That would lower prices on the market short term, even if we don't actually increase output right away.