How does more drilling work when we own 3% of the world's oil but consume 1/4 of the world's supply?

Question

Separate studies by the House Committee on Natural Resources and the Wilderness Society, a conservation group, show that roughly three-quarters of the 90 million-plus acres of federal land being leased by the oil companies onshore and off are not being used to produce energy. That is 68 million acres altogether, among them potentially highly productive leases in the Gulf of Mexico and Alaska.

Answer 1

There isn't a shortage but it would increase supply thus supposedly lowering prices (hahaha).

Answer 2

I think that is only one side of the story.

Answer 3

More drilling works, cuz we'd have more oil than we have now.

You have heard of supply and demand, well we'd be increasing supply.

Answer 4

Its just ANOTHER way for the G O P and Bush to funnel EVEN MORE MONEY into the oil men in Texas's bank accounts

Answer 5

It doen't it takes a long time to drill and there's a shortage of oil rigs. The solution is to look for alternate sources of energy and price controls

Answer 6

It makes the people in Texas rich and that's all Bush ever cared about was the millionaires. His buddy's are the only people who benefitted from his reign and this is the best exit strategy he could pull off.

Answer 7

it doesn't.  this is just a last ditch effort to give big oil what they've been wanting for a long time.