Gus Lubin
All the oil spilling into the Gulf of Mexico would not fill the gap between US production and demand.
Econbrowser's James Hamilton posted this chart as a reminder of why we're drilling miles below the Gulf.
US oil production (green) is on the decline, even as off-shore production (blue) is on the rise. Add the fact that US consumption has risen considerably since 1980 and the whole situation seems futile.
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