Sure we COULD temporarily decrease US gas prices by more drilling, but all that does is make the US run out of oil faster, when the price is low.
Then later after we run out, then we will have to buy even more imports, when the price of oil is even higher.
It is not very smart to use up all your domestic resources when the price is low.
We should not be touching any domestic oil, and only be importing oil, now that the price is so low.
The US has lots of coal, but very little oil compared to the rest of the world.
We will run out quickly.
We should be saving it for when the price will be through the roof, in about 15 years.
{...
Region | Fossil fuel reserve (giga tonnes of oil ... | Fossil fuel reserve (giga tonnes of oil ... | Fossil fuel reserve (giga tonnes of oil ... | Fossil fuel reserve (%) |
| Oil | Coal | Gas | Gas |
North America | 8 | 170 | 7 | 0.75 |
South America | 15 | 13 | 6 | 0.64 |
Europe | 2 | 40 | 5 | 0.54 |
..}
And yes, the government does control the price of oil in the US, through its control of things like oil leases, pipelines, export restrictions, tax exemptions for prospecting, etc.