The problem is we can not flood the world with oil and drive down prices regardless how much public land is leased for oil production. 92% of the world's oil production comes from abroad, a third from the Arab league and that's not likely to change much because the cost of production in the US is too high. Oil can be produced in Arab states for $1 to $2 a barrel far cheaper than in the US. Much of the new oil in the US can only be produced by drilling more expensive deep wells or using more expensive methods such as shale extraction. Increased US oil production can lower the price, but not by much. And if the US produces significantly more oil, OPEC is likely to cut production to stabilize the price.The president of the United States, regardless of who he is can do little about the international price of oil. Drilling more wells does not necessary mean low gas prices in the US. Oil is sold on an international market. In 2011, the US exported more oil than it imported.Barry will get the blame just as he would get the kudos if gas were 19 cents a gallon.
More drilling means more supply, means lower prices. That's Econ 101, no? And we export refined oil and gasoline, we do not export crude oil, at least not more than we import.
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