So for those who think that increasing domestic drilling has helped the situation think again:
http://asia.nikkei.com/Markets/Commo...n_cid=NARAN121The recent partial lifting of a ban on crude oil exports by the U.S. government has sparked ripples in major oil markets, as it has the potential to drastically change the flow of crude oil around the globe.
The partial removal of the export ban was reported in the U.S. in the evening on June 24. The following morning, the West Texas Intermediate futures' August contracts rose for the first time in three days, gaining 47 cents to $106.5 per barrel.
What's it going to take?
Alternative fuel? No. Even if we had one it would be suppressed.
More Domestic Drilling? No given we export the excess.
More refineries? No. That would drive prices down even further which would promote exporting. Plus no oil company wants to build refineries in the US given the taxation, regulation and cost of labor/land.
Nationalization of US oil interests?