| If you follow energy closely, you've likely lost count of the number of times you've heard an economist, executive or government official explain that oil prices are set by the global market, and not by oil companies or the US government. Although somewhat over-simplified, this statement has been valid for roughly 30 years.
However, it hasn't always been the case. Current trends in US production, together with existing regulations, make me wonder if it will remain accurate in the future, as the US inches closer to what is commonly referred to as energy independence...............................................Full Article: Source |