[Brilliant]

It could easily have “no effect” on the world price of oil, while at the same time substantially reducing the US price of oil. If we use our own oil instead of foreign oil, then that will improve the balance of trade and increase the value of the dollar, which will in turn reduce the price of oil to US buyers.

Not only that, but if we drill at ANWR or offshore, then the oil companies will have to pay a royalty to the US government, which will increase government revenue without increasing taxes.

It’s a win-win, and the guys who are trying to say otherwise simply don’t understand economics.

[FreeAtlanta]

Someone needs to start asking the playback recorders, “if this is so, then why is gas free in Saudi Arabia and less than 50cents a gallon in many other major oil producing countries?”

[steve8714]

The price of diesel is more important than that of gasoline. The price of diesel always goes up with supply shocks or uncertainties. Domestic supply reduces both.

[ANGGAPO]

I keep thinking that OPEC would not like us to start drilling again. After all they do have a lock on the oil market. The last time that we considered drilling, back in the seventies, the threat of our drilling our own oil forced OPEC to lower the price of their oil. But when the price of gasoline became reasonable again America forgot about drilling and shelved the program. Unfortunately we just don't learn anything.