Ukraine Crisis Means Drill, Baby, Drill
Interesting. Another Palin thing coming true. She is starting to sound like a prophet.
Check it out:
Russia’s invasion of Crimea is a tipping point event that will further spur the American oil boom. The European Union (EU) and United States in 2008 threatened to slap economic sanctions on Russia for invading Georgia. But after a while the criticism faded and threats of sanctions were quietly dropped, because the EU is almost entirely reliant on Russia for energy supplies.
A similar situation is unfolding today as the EU and U.S. are again making empty threats that they will stop exports of Russian oil and gas as punishment for invading the Ukraine. But due to the latest humiliation by the Russians, a consensus is emerging that will demand the United States and its North American partners “drill, baby, drill” for national security.
Twenty years ago on January 1st, the United States, Mexico, and Canada implemented the North American Free Trade Agreement. The volatile Persian Gulf at the time supplied 35% of U.S. oil, and most “experts” argued the world was approaching “peak oil” extraction point where supply would then dwindle rapidly. Although many Americans label NAFTA a failure, it was highly successful in generating greater economic cooperation to prioritize and develop North America’s vast energy resources.