Your Summer Tax Increase

by MN Gordon Economic Prism

Oil prices are holding above $106 per barrel.  What gives?  Wasn’t all the oil fracking supposed to increase production and decrease price?

So far, part of this equation has come to be.  In fact, the Energy Information Administration’s weekly report, for the week ending July 5, shows the U.S. produced 7.4 million barrels per day.  That’s up 18.4 percent from just one year ago.  What’s more, it’s the highest level for U.S. domestic oil production in over 21 years.

So even though the price of oil remains stubbornly high, the combination of increased domestic production and increased energy efficiency is having many positive benefits for the country…

“The increase of oil production in the U.S. is reversely driving down the amount of foreign oil the country is importing from OPEC countries because the fuel is less needed,” explains (Read More….)