AMAZING: US Oil Production is at a 30 Year High

Advances in technology are the main drivers behind the current decline in oil prices. And itis a great thing, not to be feared.

Only the Paul Krugman and Tyler Cowen types fear this great decline in prices. In their bizarre world, cheaper prices are a great deflationary threat. Apparently, in their world, things were much better better when oil was over $100 barrel and desktop computers  cost $5,000 plus.

BUT, enjoy the price decline while you can, the Fed is on a long-term money printing scheme that will counter the short term decline in oil prices.

(chart via Mark Perry)