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Message: <blockquote data-quote="The Other Side" data-source="post: 1491689" data-attributes="member: 17969">What is hard to understand about what I said.When BUSH was in office, he BLAMED the high prices on the limits of production "claiming" that we were getting 99.9% of the oil available out of the ground and there was NO MORE to produce.  Given that rationale, Demand was exceeding supply even at 99.9%.Prices skyrocketed to the highest point in history.For 7 1/2 years, oil was over 4 dollars a gallon until 4 months before the 2008 election when it crashed to 35 dollars a barrel.  At that point, OPEC and American producers cut production and slowly drove the price per barrel back up to 90 dollars a barrel.  Each middle quarter for two years, the oil producers drove the price per barrel over 100 dollars and brought it down at the end of every quarter. In the meantime, President Obama took action to increase USA production by putting into effect policies that took away offshore and land leases that oil companies held, but did not drill on.This policy led to increased drilling and increased production here in the USA.  After two years of this policy, the USA now exports more oil than it imports.That created a problem on wall street for commodity traders. Increased supply brings prices down, and OPEC worked with the USA producers to begin cutting production to maintain the high price per barrel.The high price per barrel gave countries like RUSSIA the opportunity to rebuild not only their war machines, but their banking and infrastructures. Terrorist countries made hundreds of billions of dollars from inflated oil prices and that money helped to fund ISIS, The Taliban, Al Qaeda, Al Shabab and others in the region.The Saudis WARNED in 2011 that increased USA production would be bad for OPEC, and they attempted to halt the price of oil at 70 dollars a barrel.  The GREED of the american oil producer wasnt going to have any of it, so they started shutting down refineries and operations, or selling them to other producers and letting them shut them down.It held for a while, but worldwide production kept increasing because LIBYAN oil came online, as well as IRAQI oil.This increase of oil on the market helped to create the GLUT and with increased USA production at 1 million barrels a day, the world now sees more oil than it can burn.Because of this, the price per barrel is sinking. The ONLY way for the USA producers to get the price per barrel back over $90 bucks a barrel is to CUT PRODUCTION and LIMIT supply.This in conjuntion with a reduction in consumer habits by driving alternative energy cars and furthered by President Obamas insistence that auto makers increase the miles per gallon has helped to create a massive glut worldwide.The oil companies have been exposed and their shady practices are now out there for everyone to see in plain view."drill baby drill" was just something the right wing knew people who didnt understand the oil market would repeat.They know that the more oil that is available the lower the price.  President Bushs assertion that "we" cant get anymore oil out of the ground was a complete lie and for almost 8 years, the oil industry wiped out the american consumer.TOS.</blockquote>

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