"The price of oil is high here because oil is sold on the world market".
Really? You seem to be quite informed. A few questions then, if I may?
On what date did the US stop buying our oil from the domestic market and only purchase from the world market?
When did Standard Oil not have the right to sell their oil to other countries?
When did Shell Oil not have the right to purchase oil from foreign sources?
If Saudi Arabia or Venezuela began producing all the new oil that we currently are, would that affect prices on the world market? If so, why then, if the US were the source of that production, would that not also lower the price?
I believe you may be confusing domestic production with domestic/world sales. From the day the first barrel of oil was pumped from US ground it could be sold anywhere, to anyone. It was a "world market" from the beginning. The change that has occurred is the demand from emerging markets for that oil has grown, as has our own domestic demand. But the US hasn't kept up with it's former share of the production. If we again become the leading exporter, other countries won't simply stop producing. They will have to sell their's for less.
A barrel of oil still produces a profit at $30.
And the law of supply and demand still applies.
Double US production and those evil speculators will begin selling short like we haven't seen in 40 years.
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