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Fuel Fix:

Oil supplies surging, but so is the price

Shell’s Voser says lower U.S. gas, oil prices curb earnings
The Shell story makes more sense.  West Texas Intermediate crude is selling 18 percent lower than the European Brent benchmark.  Canadian oil is even less.  While China and other Asian markets are pushing up demand the added US supply along with reduced US demand has stabilized prices at a time when there would have been a bigger surge in prices without events in the US.  

The first story makes the ridiculous assertion that these events justify the administration's refusal to open up more federal sites.  The opposite is true and if those sites were opened it would not only increase production, it would increase jobs that this country needs.  Production on federal sites would also increase royalties to the government which would lower the deficit.


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