Myth: We have so much oil here in US, if only we drilled for it, gas prices would come down. If we have 100 years of oil underground and start drilling now, what happens in 100 yrs. assuming we still need oil for some things? Why not let Arab countries deplete their supplies first, then we will be in the driver’s seat. We talk about future generations straddled with debts of today… what do we tell them when we have no oil left because we wanted to have low gas prices today? If a for-profit company drills oil here and can sell it for $150/barrel overseas, how much do you think they will sell it to the US for? Unless we nationalize oil production in the US, don’t look for prices to come down anytime in the near future whether we drill or not. Capitalism is a supply and demand business. The
Read more →Do you believe the President can control fuel costs? Do conservative Republicans really want the Government to interfere with Free Market economics? “Drill Baby, Drill” will not fix our immediate problems and probably not our future problems. The Keystone Pipeline that everyone touts as a job builder (and environment killer) is to transport oil from Canada to the Gulf for exportation overseas. The US exported more fuel than it imported in 2011 (Dept. of Energy). So where is the problem? We don’t buy oil from Iran, so that isn’t the problem. Could it be there is no immediate problem? That oil prices are artificially inflated by oil speculators. The same speculators that helped cause the 2008 collapse? No significant regulations have been put in place to stop the exact thing that wreaked havoc in the market 3 years ago. But bottom line, the President cannot control fuel prices. And if
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