Drill Baby Drill? I did some quick math to figure out much much of a difference in the global oil market expanded drilling would make, and its about 2.88% . Clearly not enough to take us to $2.70/gal. Experts all agree oil consumption will increase over the next several years, particularly in China and global economic recovery and speculation are are also driving up gas prices. Yet, expert’s estimates vary on how much effect each of these factors is causing. And drilling will create some jobs, but estimates also vary on how many jobs and how many of those are long term. The US does export some petroleum, but banning that export could cause more harm than good by creating a trade war. The energy crisis has been going on since the Carter administration, if it was easy to fix we would have already fixed it. But the situation is not hopeless, many things can be doing to more smartly use what energy we have.
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Drill Baby Drill? I did some quick math to figure out much much of a difference in the global oil market expanded drilling would make, and its about 2.88% . Clearly not enough to take us to $2.70/gal. Experts all agree oil consumption will increase over the next several years, particularly in China and global economic recovery and speculation are are also driving up gas prices. Yet, expert’s estimates vary on how much effect each of these factors is causing. And drilling will create some jobs, but estimates also vary on how many jobs and how many of those are long term. The US does export some petroleum, but banning that export could cause more harm than good by creating a trade war. The energy crisis has been going on since the Carter administration, if it was easy to fix we would have already fixed it. But the situation is not hopeless, many things can be doing to more smartly use what energy we have.

Source: cia.gov

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