U.S. oil producers have begun to export their product for the first time in almost 40 years, and imports are dropping. (The two don't match exactly, because there are different levels of crude with different markets, much of the variance having to do with what product our expensive refineries were designed to handle.)
The current administration is uneasily going along with an export-restriction loophole for now. As usual, politicians can't decide whether the problem is that resulting fuel prices will be too high or too low, but they're gearing up to interfere somehow, once the midterms are over. For one thing, if you let people sell their product, they'll just frack more, and we can't have that.
2 comments:
As long as the drill bits aren't pink.
Maybe Baker Hughes would like to contribute to a supply of pink scalpels.
Eric Hines
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