[TomGuy]

FNS

Juan Williams and Lib Logic on drilling more: It won’t make gas prices go down, because oil is used world wide.

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huh?

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[Morgan in Denver]

If the liberal/progressive talking points said the world is flat, you can bet Juan Williams would not only agree but be willing to argue that point endlessly.

[kabar]

Caught that as well. Yes, oil is a global commodity. It is fungible. If you increase supply, then the price will decrease. The US is the world's largest oil importer by far. The more self-sufficient we become, the less dependent we are on global supplies thereby reducing demand for imported oil, which should lower the price globally including in the US.

The problem has been that cartels like OPEC can raise and lower the supply affecting the price of oil. Demand is continuing to increase due to emerging markets like China and India, which are becoming more affluent, and an annual increase of about 50 million people a year in the world's population. OPEC can lower the price of oil so it makes the domestic production of US oil less attractive economically. Hopefully, fracking can lower the production costs so that we will be less vulnerable to the vagaries of the global market.