The political factor is a major force now holding things back. 75 years ago, if the demand was high you could go out and drill. There are too many regulations that make the cost of doing business unreasonable. Regulations by themselves are not bad, but when they are applied blindly, without intelligent thought and with their own political agendas, everybody suffers.
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Originally Posted by csp97
There are certainly other periods that are flat or declining. As far as I can find they all correspond to a recession (lower demand) or low oil prices.
I can't find another period in history where we have a strong world economy and record high oil prices and no corresponding jump in oil production. This is the primary reason I think something is very wrong.
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