Your $1,000 tax savings are going to the oil companies. Why have fuel prices risen so much? Look back a bit and the price per barrel was down, domestic production dropped the price and supplies were “a plenty.” OPEC decided to curtail production and — voila! — higher prices for everyone at the pump.
I see a bit past the real implications of lower supply — the price per barrel now makes it financially viable to produce domestically; fracking makes a profit if the price is about $65 a barrel. Instability in oil-producing regions adds to the price, too. U.S. foreign policy under the current administration is not helping.
Can you say $4 a gallon? Soon.
