[QUOTE=piney;2590227]that doesn't really address my question..
do we export our domestic oil and import foreign oil?
If so, would we use this new oil, or export it....to me, if it is the latter, then how will that truly impact the rise of oil prices..
also, I thought oil, in terms of gold, has not gone up too much, yet in USD is has gone up considerably?
I mean, is oil and gas more expensive because it is becoming more scarce or because the USD has fallen?
anyone, anyone....Beuller, Beuller....[/QUOTE]
We do export oil and import oil but oil prices are based on world wide oil so price isn't impacted. The advantage of producing even if we export is we can move exported oil into our own use if we are cut off and in this world that is a great hedge.
Oil has gone up partially because the dollar has fallen but it has also gone up substantially against gold.
Oil is becoming more expensive because the dollar is falling and demand world wide is increasing at a fast pace. You also have China subsidizing the price of oil which has increased demand by maintaining an artificially low price for it. That is also the case in VZ, Iran and all of the oil producing countries.