This surprised Me......
I'm a pretty conservative guy, well at least fiscally ( I've been known to tear it up on occasion ) but never really liked Glenn Beck. However I kind of liked the column he posted yesterday about....oil.
Take a gander if you like at https://glennbeck.com/read/articles/why-are-gas-prices-so-damn-high-despite-us-oil-production and let me know what you think.
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But the oil really isn't that cheap, not by historical terms. Fracking is expensive. The US drilled 15,000 oil and gas wells last year, and 11,700 of those were horizontal. This year we will have to drill another 15,000 wells. The days are gone of drilling a vertical well that yielded 1,000 bpd for 20 years.
$60/barrel oil isn't cheap, yet fracking loses money. A lot of fracking companies have gone bankrupt. The good old days are gone because we are fighting depletion and geology, and geology is winning.