There's Record U.S. Oil Extraction, That's Why Oil Is So Pricey

At present, oil extraction in the United States sits at record levels of roughly 13.2 million barrels per day. No wonder oil is so expensive.

Wait, what’s that you say? U.S. extraction at record levels is causing oil prices to rise? Aren’t oil prices a function of supply versus demand? Wouldn’t oil be cheap with extraction at record levels? No, no, and no.