shale drilling is very expensive - much more so than conventional.
So there is a choice...expensive oil or not enough oil.
Which is more harmful for the economy?
At least with expensive domestic oil, the money stays in the US economy instead of being exported.
You are saying that when oil drilling companies get paid $90/brl for the oil they produce, then that money is funneled to Goldman Sachs?
"nobody else benefits from it but them."
So US oil companies do not benefit from getting a fair price for their oil? The thousands of new high paying jobs created by the shale boom do not benefit those workers who would be better off unemployed? All the indirect economic activity (rail transport for the oil, housing for the oil workers, etc) benefit only hedge funds? Even the #$%$ who are probably flocking to the new oil boom towns give their money to GS?
Really dumb arguments. If oil is produced in the U.S., the money stays in the US economy versus exported overseas when the oil is imported.
the money stays in the US economy !?? The money stays in the Goldman Sachs and hedge fund economy where nobody else benefits from it but them. It's not harmful to the economy when every discretionary dollar is spent on gas and food and nothing is left for discretionary purchases?? A lot of retail businesses would probably disagree with that.