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Wasn't there a political expectation that if we produced our own oil, the price would drop? That was false from the start because we're a part of OPEC, right?
by MentallyRetired 7y ago
Wasn't there a political expectation that if we produced our own oil, the price would drop? That was false from the start because we're a part of OPEC, right?
- skrowl 7y agoThe United States is not a member of OPEC, if that's "us" and "we" to you https://www.opec.org/opec_web/en/about_us/25.htm https://www.opec.org/opec_web/en/about_us/25.htm
- gameswithgo 7y agoits false because opec exists and can, sometimes, keep price relatively stable. its possible/likely that if the USA had not produced so much oil via fracking the price would be much higher right now, because opec does not have so much ability to boost production as it used to.
- dahdum 7y agoUS is not part of OPEC. US production was meant to stabilize prices, increase supply, improve national security, and generate economic return.