The even bigger story is the discovery of trillions of barrels of the stuff at Edmonton, Canada!
And if fully developed, would put Putin well and truly back in his box; and huge downward pressure on energy prices.
The problem today, is the sheer lack of patriotism among so called, American oil companies, given they all seem to be in Russia, seeking oil and gas concessions; when they should be in Edmonton, putting northern America's interests, and energy surety first?
An oil and gas tariff on fully imported oil and gas might promote some patriotism perhaps?
And national gas, would be worth far more in the long run, if solely reserved for nation building and manufacture, rather than very short sighted revenue boosting.
The oil/gas industry is already raking in over 4 trillions annually, and suppressing economic growth everywhere' while doing so!
Time for a change and the people who own the stuff finally having a say in how it's retailed, and to whom!
Ukraine has its own oil and gas, and could charge itself even less than it pays Russia, if Putin hadn't purloined their Crimean reserves!
John invariably gets together with some oil company type or spokesperson, and just to talk up oil company profits, based on difficult oil supplies etc!?
As big as the recently discovered Edmonton reserves may be, we could have even larger reserves, to our immediate north; and for the sake of current oil company profits; safely locked away by seemingly compliant Australian legislators!
Politicians each and everyone of them!
Perhaps another perusal of the pecuniary register may well reveal another reason, not unlike the reported reason we seem to have persistently high house prices, and or price gouging landlords?
As significant oil and gas holdings, in offshore ventures, by seemingly recalcitrant/self-serving politicians!?
Rhrosty.

Correction and apologies; the name John should be replaced with James.
Rhrosty.

Wow, just heard they discovered a mother lode of dinosaur poo under Capital Hill in Caaanbra...that should indubitably assist with the new housing boom !

Rhosty, can you give me a reference to the Edmonton oil field that you mentioned ?

I can only find mention of the oil sands.
Were you referring to oil sands ? I thought your post referred to liquid ie crude oil.

A trillion barrels is a lot of oil.