Will domestic oil drilling really bring down cost per barrel?

Question

The reason why most people outsource jobs overseas is because it's cheaper. I was under the impression that we currently import overseas oil because its cheaper than everyone buying something American made (or drilled in this case) due to high overhead costs of American business. I'm hoping someone knows the industry a little better and can clear up this issue so I don't sound like an idiot when I challenge what the media and politicians are trying to feed us.

Answer 1

I doubt it. From what I've heard, a big part of why gas prices are the way they are isn't from a shortage of oil to begin with. There's quite a bit of oil heading to refineries, but in the 1970's people pushed to stop further building of oil refineries, and now there aren't enough to keep up with the oil available to be refined. However, it is quite likely crude oil from abroad would be more expensive than American-drilled oil, thanks to OPEC.