Well, the equivalent. Because of the inventions of horizontal drilling and multi-stage fracking by a few innovators, the United States is no longer a net importer of oil. This has created countless US jobs, and caused the price of oil to plummet via simple supply and demand. This is not from US government efforts, but because of private businesses who operate in a free market.
Meanwhile most of the other countries that produce oil are dictatorships who assumed control of their oil industries and cash flow long ago. They run their countries and control their people on this money. Because the price is down, they are having trouble balancing their budgets.
The price at the pump is down – a LOT. The American people will enjoy this dividend and save $300 billion a year, the equivalent of a 10% federal tax cut. Likely they will spend this money elsewhere in the economy.
All this because the free market we have stimulates innovation. These benefits brought to you by a few smart guys whose motivations are unlocked in a free market. Enjoy!
Good Morning Larry,
I completely concur, although I am sorry for my cynicism, any politician who reads this will now add an additional fee to domestic oil to be fair to the poor oil producing countries.
Larry
Every kid in America should read today’s blog!
Free enterprise and capitalism are unknown concepts to most I fear.
Great work!
I love this country The freedom it allows me to create is precious Thanks Larry Have a great day
$10 billion is scarcely a bargain if our nations water supply will be polluted by fracking for generations to come. There is a reason why the people of New York State have tried to ban it. Short term profits can never compensate for long term damage to our environment.
I like this so much that I would like to be use it to send to our local paper for a letter to the editer.
Let me know if this is OK
Sure Bill!
Maris – I don’t think our water supply is as affected as you fear.