In today’s edition of The Heartland Daily Podcast, Isaac Orr, research fellow for energy speaks with Wally Drangmeister. Drangmeister, from the New Mexico Oil and Gas Association, joins Orr to talk about oil and gas production in New Mexico.
Even with prices 40 percent lower than a year ago, we remain the world’s No. 1 producer of crude oil and other liquid hydrocarbons. Imports of oil have dropped from 60 percent of consumption to about 35 percent just in the past five years. We’re also the world’s largest producer of natural gas.
One of the great myths about the capitalist system is the presumption that businessmen make profits at the expense of the consumers and workers in society. Nothing could be further from the truth.
After years of rising gasoline prices, people are puzzled by the recent drop that has a gallon of gas at levels not seen in nearly four years. Typically in times of Middle East unrest, prices at the pump spike, yet, despite the violence in Iraq and Syria, gallon of gas is now at a national average of $3.
Businesses strive to make profit, and profit is achieved through a cogent business model, sound financial decisions, and perhaps most importantly, efficiency. Business grows and flourishes when it becomes more[…]