Filed under: Forecasts, Industry, Law, Commodities, Oil, Recession
If the nation’s oil companies are having trouble getting more crude out of existing fields, perhaps the solution is to put rigs in Yellowstone National Park.
“Green” environmentalists may be in for bad days. According to The Wall Street Journal, “Increasing U.S. oil production would require overturning decades-old moratoriums that limit offshore drilling and accelerating leasing of federal lands.” It may come down to whether eagles and black bears mind oil exploration in the regions where they live.
Forest animals might not care, and that could be the crux of the argument. Even though oil spills are not unheard of, they’ve become exceedingly rare. Bringing out oil from protected land may have very tiny environmental risk.
In some ways, opening restricted land may be the only way to save lower class and some middle class Americans from gas and oil prices so high that their spending ability is being crushed.
What black bear would want to see that happen?
Douglas A. McIntyre is an editor at 247wallst.com.
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