Former President Donald Trump had bragged about his success in opening the region to oil production after decades of political fighting over the resources locked under the tundra there.
Former President Donald Trump had bragged about his success in opening the region to oil production after decades of political fighting over the resources locked under the tundra there.
If you’re trying to make money invested in US oil and hoping to keep money in the US, you need the price to be > $3/gal. During the pandemic Russia killed us and our fracking oil fields with the cheap gas. Many US fields had to close, many permanently because damage is done to the fracked wells when operations stop. Below $3/gal it’s cheaper to import and we’re sending our money to the Saudis and elsewhere.
High gas prices makes the US oil fields competitive. Low prices sends US money over seas.
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