The fuel price will increase as were now trading crude oil on the world markets, not the local USA market on the oil that we can produce.
A good example happening right now:
Spot crude price for the Brent (Britten) produced oil is about $117bbl on the world market. Gasoline fuel in Britten is about $5gal
Spot West Texas crude is about $98bbl with gasoline fuel at $3.5gal because our Gov't has a subsidy for the oil company's .
This is also true for China as China also pays that $117bbl then discounts that back too there people. I picked China because as our fuel usage drops, China fuel consumtion increases thus were caught in the world oil market and the price of crude will not come down in the USA.
Then you also have to take into account what our currency is worth to other country's.
The true price of crude oil is very difficult to calculate. It's that way on purpose so we can't figure out exactly what were paying at any given time.
Now if we produced that barrel of crude from your USA oil well, are you going to sell it cheaper than what you can sell it for on the world oil market?
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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