President Obama has called for a reduction in America's dependency on foreign oil. I guess American oil companies missed the speech, and didn't get the memo. I have done an I-Report on this matter on CNN which can be seen here. In short, according to a Geological survey conducted by the University of Kentucky, just about 1000 feet below the earth's surface here on my farm rest about 1,000,000 plus barrels of oil. I contacted Exxon, Phillips, and BP, and much to my surprise, they simply do not want the oil. There are no E.P.A. restrictions preventing the drilling, they just don't want it.
I guess the oil companies like the fact they are causing the American economy to go broke yet again. Middle, and lower class people can't commute to their jobs, but have to work to prevent the foreclosures on their homes. The children can't eat because a gallon of gasoline cost more than a gallon of milk, or a loaf of bread. All the while O.P.E.C. is conducting what would cause you and I to go to prison. Price Fixing. If you, a friend, and I all own a shop and we all sell eggs, but we all raise the price to eggs to 5.00 a dozen, and there is no place else to buy eggs, we can go to jail. O.P.E.C. does this on a daily basis. 9 countries get together and decide how many gallons of oil to produce a day. This controls the price. If O.P.E.C. were to open up to full production, gasoline would only cost a dollar a gallon at the pumps, but fat cat oil companies would not make a profit, so that will never happen.
There is plenty of oil here in the United States, but the oil companies do not want it. They would rather import the oil, and create a higher profit margin for themselves and screw the American people.