With gas prices topping $4 a gallon in many American cities
there are increasing pressure on the government to act,
even if their actions are unable to bring down costs at
the pump.
Industry, with congressional Republican support, is seizing
the current environment of high gas prices to make the case
for the need for more, and faster, lease and permit approvals.
They say its time to get on with the business of drilling post
the BP oil spill because increasing the domestic supply will
reduce pressure on oil prices and bring down gas prices.
The reality is that increasing domestic supply of oil is not
likely to affect the cost of gasoline very much, although
there are many other benefits.
The US produces about 10 million barrrels a day about 14% of
the world's oil supply.
The US's ability to affect price on either supply or demand is
non existent. The biggest benefits to increasing domestic
production are reducing the trade deficit, and jobs.
Sheila McKinney
