Reply to "Joe American on Energy Solutions"

What we forget to realize is that if we had 100% of our own oil and bought none from off shore companies and all of our oil was refined by american owned companies, those American oil companies would still charge us the same prices that are in the open market. Much of the oil they now buy from private owned wells are on long term contracts for $12 per barrel. They are getting discounted oil now. We get 50% of our oil form Canada and Canadian oil companies charge us market value.

If I own a farm and a farmers market. And tomatos are selling in the stores at $2 per pound. And it costs me 25 cents per pound to raise them. Why should I sell them for less thatn $2 per pound.

The open market sets prices for both public and private.

Also, much of our oil is bent crude, which is harder to refine. We sell it to other countries and buy Sweet crude that is easier to refine. Also realize that that large deposit of oil in the shale is really hard to remove and might cost $100 per barrel to extract.