Monday, January 02, 2006

Suitably Flip: Today's Reduction of Foreign Oil Dependence Was Brought To You By the Letter W

Flip begins this December 30 post:

America's fans of driving and useful energy caught a break today, as three major U.S. oil companies (ConocoPhilips, Marathon, and Amerada Hess) announced a return to oil exploration in Libya. Absent from the oil-rich country for two decades, our oil and gas industry was previously unable to operate in Libya due to U.S. sanctions that were finally lifted last year, upon Qaddafi's wise and unprompted renouncement of weapons of mass destruction.

Libya is home to the world's 8th largest oil reserves, just brimming with that delicious light crude we find so useful. With several U.S. companies involved in the exploration and extraction of those reserves, dependence on OPEC nations and other foreign suppliers decreases, while aggregate supply increases (and prices thus decrease). Good things.

I politely suggest you read the whole post. Flip thinks this is a big deal. (And who am I to argue with him?)

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