Opec is going to cut production because we aren't driving as much therefore not using as much oil.
We will be stuck with this until we drill more in the us and not sell on the open market.
If they sell on open market than the gas will never go down. What would you sell you're barrel of oil for $100 or $50.
Oil company's dont want to drill where they already have lessees to drill because they think that there isn't enough oil there to make a profit.
It would be good only if the oil could only be sold in the US and they had to pump what ever the demand was to keep the price reasonable what ever that was.
Who is going to tell the oil company's that ?
Even if we develop alternative fuel sources and cut demand for oil opec will just drop production to keep prices high we will always need gas for our cars. There is no way that we can tell everyone to junk there car and buy a electric or hydrogen car without a revolt.
I have no good solution for this except the government is going to have to step in and set the price and the oil company's are going to have to live with it ot let the government start selling oil.
Art
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