It may surprise Americans to discover that the United States is the third-largest oil producer, behind Saudi Arabia and Russia. We could be producing more, but Congress has put large areas of potential supply off-limits.
What keeps these areas closed are exaggerated environmental fears, strong prejudice against oil companies and sheer stupidity.
Getting access to oil elsewhere is increasingly difficult. Governments own three-quarters or more of proven reserves. Higher prices perversely discourage other countries from approving new projects. Flush with oil revenues, countries have less need to expand production. Undersupply and high prices then feed on each other.
But it's hard for the United States to complain that other countries limit access to their reserves when we're doing the same. If higher U.S. production reduced world prices, other countries might expand production. What they couldn't get from prices they'd try to get from greater sales.
clipped from: www.realclearpolitics.com