(Hint: it's not because of green energy)
You can’t have a cartel if the world’s largest producer–America–isn’t a member. OPEC will never again be able to create the level of economic turmoil that the Arab members of OPECs engineered in the 1970s with their oil embargo. And by the way: lower oil prices place increased pressure on Iran’s mullahs to abandon their nuclear program and curb Putin’s capabilities to engage in East Europe aggression.
Yet the political class still doesn’t get it. As recently as 2012 President Obama declared that “the problem is we use more than 20 percent of the world’s oil and we only have 2 percent of the world’s proven oil reserves.” Then he continued with his Malthusian nonsense, “Even if we drilled every square inch of this country right now, we’d still have to rely disproportionately on other countries for their oil.” Apparently, neither he nor his fact checkers have ever been to Texas or North Dakota. And we don’t have 2 percent of the world’s oil. Including estimates of onshore and offshore resources not yet officially “discovered”, we have ten times more than the stat quoted by the president–resources sufficient to supply hundreds of years of oil and gas.
America, in sum, has been richly endowed with a nearly invincible 21st century economic and national security weapon to keep us safe and prosperous. The plunge is gas prices is just one visible sign of this supply explosion. Think of how much bigger this revolution could be if we started building pipelines, repealed the ban on oil exports, expanded drilling on public lands, and stopped trying to punitively tax and regulate the oil and gas.
For much of the last forty years, oil’s periodic price spikes have remained a constant threat to growth. Higher consumer energy costs as well as increased industrial production costs weighted on the economy. Now oil is one of the primary accelerators; the new big drag on the economy is politicians who despise the carbon-based industry.
read more at:
http://dailysignal.com/2014/10/26/gas-prices-falling/?utm_source=heritagefoundation&utm_medium=email&utm_campaign=saturday&mkt_tok=3RkMMJWWfF9wsRokuKTLZKXonjHpfsX67%2B0uXqK%2FlMI%2F0ER3fOvrPUfGjI4CSMFmI%2BSLDwEYGJlv6SgFQrLBMa1ozrgOWxX0TD7slJfbfYRPf6Ba2JwzqPk%3D