By Lauren Fix
The truth about oil production has been muddied by political talking points, bad science, and some members of the media that have an anti-oil agenda.
We do not need to import a single drop of foreign crude oil. The domestic oil industry can easily meet and even surpass domestic demand. We’ve done it before, and we can do it again.
The price of EVERYTHING revolves around oil, and the law of supply vs. demand dictates the price of oil. When oil is plentiful, commodities are cheap. When oil is scarce, commodities are more expensive. Right now, domestic oil is scarce, and the price of everything is high because of these restrictions imposed by the federal government.
The domestic oil industry currently cannot satisfy domestic demand due to oil drilling restrictions imposed by the federal government.
We import foreign oil from countries that drill and produce it much cheaper than we can because they do not implement all of the environmental safeguards that we do. Their methods are far more damaging to the environment than in North America.
Every year, the federal government leases tracts of land to oil companies so they can explore it for oil. If enough oil is found during exploration, the company can then apply for a drilling permit which allows them to drill a well. If no oil is found, or if the amount found is not enough to be profitable, the lease expires without any drilling. There are some leases that are active but not being used. This does not mean that oil companies are lazy, are trying to keep the oil for themselves, or even trying to manipulate the market. It means they’ve either explored the lease for oil or found nothing, or found oil but it’s not enough to justify drilling for based on the costs. They let the permit expire.
It’s not Russia’s fault, China’s fault, Ukraine, India, Venezuela, Iran, or OPEC’s. Or any other countries’ fault as to why everything has been so expensive over the last year. It’s the Biden administration’s fault because they are suppressing the domestic oil industry for political gain. Trying to push all Americans to buy electric vehicles they can’t afford.
There is so much more to discuss on this, put your comments below and let’s start the conversation.
The opinions expressed in posts to the NMA Blog belong to the author and do not necessarily represent the National Motorists Association. The content of the NMA Blog is for informational purposes only and is not intended as legal advice. No representations are made regarding the accuracy of NMA Blog posts or links found within those posts.
Lauren Fix, The Car Coach®, is a nationally recognized automotive expert, analyst, author, and television host. A trusted car expert, Lauren provides an insider’s perspective on a wide range of automotive topics and aspects, energy, industry, consumer news, and safety issues.
Lauren is the CEO of Automotive Aspects and the Editor-in-Chief of Car Coach Reports, a global automotive news outlet. She is an automotive contributor to national and local television news shows, including Fox News, Fox Business, CNN International, The Weather Channel, Inside Edition, Local Now News, Community Digital News, and more. Lauren also co-hosts a regular show on ABC.com with Paul Brian called “His Turn – Her Turn” and hosts regular radio segments on USA Radio – DayBreak.
Lauren is honored to be inducted into the Women’s Transportation Hall of Fame and a Board Member of the Buffalo Motorcar Museum and Juror / President for the North American Car, Utility & Truck of the Year Awards.
Check her out on Twitter and Instagram @LaurenFix.
