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We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.

Although increased drilling has added new oil to the nation's supply, it has not done so fast enough to offset the terminal decline of existing fields.

We are going to have to import more of our oil. Period.

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The end of oil's stunning ride
Consumption; Demand; PricesPrices may steady at $55 to $65 but that doesn't mean an end to wild swings in the energy sector.

NEW YORK (CNNMoney.com) -- The energy crisis is over. You just might not be that happy with the ending.

The last four years has seen a nearly unprecedented surge in oil, gasoline and natural gas prices.


A global economic boom - fueled by Brazil, China, India, Mexico and the United States, among other countries, has sparked a ravenous new appetite for fuel that left producers scrambling to meet demand.

And this summer a combination of events hit the oil market, including a messy switch in gasoline blends, fears of another tough hurricane season, unabated gasoline demand and war in the Middle East. And oh yeah, a truckload of speculators pouring "hot money" into the market.

CNN/Money

Posted on Friday, September 29 @ 09:38:43 PDT by leanan
 
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