Would the price of gas and oil take a dive on the day--?

Question

that the President signed an Act of Congress authorizing the Department of Energy--- the authority to do whatever it takes to make this nation---self reliant for its energy needs---this authority being as great as the authority of the FED in the nation's Monetary Policy?----

Answer 1

Yes it would, it has been proven before. In the 80's and 90's our oil companies started to look at shale oil extraction and coal to oil. It takes a barrel price of about $40.00 to do this type of extraction to make it profitable. When OPEC saw what we were doing, they increased the production and oil dropped to about $10.00 a barrel. Unfortunately our oil companies had to stop and now Congress has put most areas of shale oil off limits.

How many people were crying for oil companies back then when they were going out of business and causing massive job losses in many cities? Not many. Most were pushing alternative fuels and the environmentalist policies that got us into this mess.

Answer 2

No, they would take a dive on the day Bernanke raised the federal funds rate by 100 bps.