misterman
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How will it not lower gas prices?
Simple - we have very little oil. We have ab out 3% of world production. And prices are set on a world market. If you have only 3% of a market for any product, you aren't going to affect prices. You might do it for a short time, but then you will run out (since oil is not a renewable resource).
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.
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.
For a short time, yes. That's a different issue though. Have no illusions that we can lower gas prices with domestic production.
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.
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.
I was shocked when I learned this too. The myth of independence from foreign oil is very common, but it's simply not possible.
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