OIL: The Black Gold

So China's demand for oil has plummeted, the supply from the United States has skyrocketed, and OPEC is trying to drive competitors out of the market by letting prices fall, and Russia. Don't get me started on Russia.

So that is why Oil prices have fallen, but why is the government so eager to prevent drilling? Obama gave subsidies for Brazilian companies to drill in the gulf, but won't renew drilling permits for U.S. companies? He proposes a ginormous wilderness expanse in Alaska, knowingly preventing drilling for known oil reserves?

The way I see it the two best reasons to "drill baby drill" are 1. economy. Lower oil prices fuels industry. 2. Energy independence from foreign entities. The only two reasons why I see not to drill are 1. Environment, but this can be protected with drilling. 2. Preserve resources for future generations. Let other people sell their oil. Then when they run out, we'll have a monopoly on it.

So why refuse to come to a solution for the Keystone Pipeline? Environment? NO. Obama's own investigation determined that the environmental risk was negligible. To preserve our oil? NO. It would make Canadian oil cheap to us and would be the best thing he could do to disincentivize domestic companies and preserve our oil.

Any idea? What is Obama's logic? Why would he do what he does? Any decent solution will be considered.

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