Forum Discussion
LindsayRichards
May 15, 2018Explorer
Of course, America has increased its oil production to a whopping 10 plus MILLION barrels a day. This is the highest in 30 years and is due to the miracles of horizontal drilling and fracking. The Saudis have reduced their output to reduce world wide supply which has raised the worldwide price to over $70 per barrel. The environmentalist blocking pipelines and refinery expansions has also hurt our output. President Trump has decimated ISIS which has also helped with middle East oil production which increases volume and helps in pricing. The Saudis reduced their output for several years in an effort to smash the American oil industry so they could go back to the $100 pricing. It failed.
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