OPEC could reduce production by the same amount increase it with this offshore drilling with one conference call, and prices would go back to wherever they want them to be.
For a short time, yes. That's a different issue though. Have no illusions that we can lower gas prices with domestic production.And even if it doesn't this will still be a good thing. It means wealth stays circulating in the US and not to foreign countries.
We have 3% of the worlds' oil. We consume 26% of the world's oil product every year. We have ABSOLUTELY NO HOPE of ever becoming even close to independent of foreign oil. It is an absurd fantasy when you look at the numbers. You might as well try to make us independent of foreign bananas or coffee or mangoes. It just isn't going to happen.Plus if we are energy independent then we won't have to worry about oil embargoes (like what has happened in the past). Energy independence is a good thing and drilling for oil in America is a great step forward.
I was shocked when I learned this too. The myth of independence from foreign oil is very common, but it's simply not possible.