While on vacation last week I had the opportunity to see the Texas Oil Strike first-hand. The strike is a refusal by producers to create new production at present prices, just as a labor strike is a refusal by employees to work at the wages being offered. The oil strike has the same aim, namely to get more money for those going on strike. I visited with folks in the Eagle Ford who had leased thousands of acres of land nearly three years ago to a company that now seemed prepared to let the lease run out, undrilled. Their inquiries about further leases revealed prices had fallen by two-thirds, and that producers were also demanding rent-free access to leaseholders' land as the price of signing. Read more