"Drill Baby Drill": Now OPEC Wants To Increase It's Production

Following president Donald Trump's promise to 'drill baby drill', OPEC now says it's going to increase it's supply of oil over the coming years.

"It basically means that we're going to see prices of oil stay relatively low" said Phil Flynn, industry analyst and expert, "Here in the U.S. we're going to be more competitive with OPEC barrels because we're going to be producing more efficiently, and with less regulatory restraints that we've seen in the past."

Those "regulatory restraints" were put into place on day one of the Biden administration, which waged a full-out war against the U.S. oil and gas industry.

So what will the OPEC increase mean for American oil companies?

"On the surface, it doesn't help, right because it drives down prices" Flynn told KTRH, "But at the same time you can offset that negative impact for U.S. oil and gas companies by reducing the cost of regulation, which has gone through the roof."

With that said, since OPEC made the announcement we have seen prices already start to come down, and Flynn believes that will continue immediately.