How will increased drilling in currently offlimits areas around the United States change the price at the pump

Question

The oil won't just become "our" gas, right?

Answer 1

There is very modest amounts of oil in Alaska and America's continental shelves, best guess it will drop the price 2-6 cents a gallon in 2-10 years if we start exploiting it now. In other words, it's not a solution to the current high price of gas.

Answer 2

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Answer 3

Probably very little. There is not enough oil in those areas to make a significant difference.  Ans oil is a worldwide commodity.  Demand in China and other countries will keep increasing and driving up the price.  Forcing much more conservation and alternative energy use will help much more than drilling.

Answer 4

I would hope we get to keep most of the new oil drilled.  As supply increases, and demand stays the same, the price will automatically go down.  

If we do add our new oil to the world supply, for sale to other countries, it will have less effect in lowering the price.

Answer 5

Supply and demand. Increase supply and decrease demand. That means the price goes down. Very simple. Like most very simple concepts, you lefties can't grasp it.

Answer 6

It will contribute to the glut of oil production that will be busting the oil market in 3-5 years.  The price of oil is going back down well below $100 a bbl.  Gas will also drop.

Answer 7

This has happened before. When the price of gas has gotten high and the US threatens to start drilling... or in the case of Jimmy Carter, threaten to explore synthetic oils... OPEC drops the price. Also speculators will watch the response and influence the market which will also drive the price down.

And EVEN IF oil prices weren't affected today, why does that negate the fact that it needs to be done? Using that logic, why go to school? After all you won't get a better job based on your new education NOW? Why start an entry level job that has a good potential for advancement? You won't get that money NOW?

We have reached a tipping point, where we can't afford the luxury of not being energy independent. We can't just sit on our butts and hope the problem goes away or wait for the day when we have an alternative fuel source. That day will come... but it isn't here yet.

Answer 8

It could, but also consider this. It is impossible for oil prices to rise in value infinitely. They will have to come down or there will be no oil industry in the long run.