Good news?

NewsMax is also reporting a study that predicts a 25% increase in global oil production:

Oil and natural gas production capacity should surge by 25% to 110 million barrels per day by the year 2015 - the result of investments in new and unconventional petroleum sources like oil-sand deposits and oil shale, according to a study conducted by Cambridge Energy Research Associates (CERA).

The report flies in the face of most predictions of peaking oil output that is threatening economic stability.

But the research firm's forecast, if accurate, "would ease the current perception of taut supplies that have driven oil prices up 25% so far this year and 285% since the end of 2001," according to Investor's Business Daily.

Oil shale in Utah is said to contain more oil than the Saudis have, and it can be produced for $40 per barrel. I think the U.S. should put a tariff on foreign oil to give domestic producers some cover from price cutting, by OPEC. Normally, I'd oppose such measures, but I see this one as a national security issue. Our foreign policy shouldn't be driven by fears of oil embargos by Venezuela, Nigeria or the Middle East nations.