It's cheaper in China, Venezuela and others.

They each have their own oil production and the true cost is the production cost plus the refining. I think Venezuela pays less than a dollar and some in the Middle east also pay about a dollar or two.

It is true that any country that buys crude is bought onm the open market and all pay about the same.

And lastly if the supply increases worldwide , then the price drops........it follows the supply demand curve just like most other commodities.

For thise who want to know....our providers of oiul are Canada, first, Mexico, second, and Venezuela, third.

As for new drilling, I brought this issue up the other day. We kn ow there is oil off the Folrida coast, off much of the East coast, off Calif, added reserves in Alaska, and lots of reserves on government land, including National forests, etc.

The problem is that it woulkd take about 4-5 years for the industry to initiate production from these other areas.

And Congress has themselves to blame for our lack of Domestic Production. I say get rid of them and start over.