Truth is, the "demand" part of the equation isn't just US demand for oil anymore. The economy of China has caused a surge in demand there that will eventually dwarf US demand for oil, so ultimately we in the US have no control over this ride.
Which means the "Bad Guy" oil companies also have little control over the pricing on the world market. What the US oil companies CAN control is how many wells that are now stopped, begin pumping again. Travel along I-64 in southwestern Indiana and southern Illinois and notice how many oil wells you see...and notice that the MAJORITY of them are NOT pumping! With the price of scrap iron, you KNOW the iron in those rigs would be long gone if they were sitting over dry holes! What are the oil companies waiting for? Who knows? BUT...in the grand scheme of things, America no longer controls her own destiny, where oil is concerned. And as long as China and other emerging economies are willing to bid up the price of crude, the US consumer has NO recourse...or none that will ultimately be effective, unless US grain production turns into a "fuel vs. food" situation, but only when things are at a crisis point in both markets.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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