It’s a funny thing when reality and politics mix. All the hype about drilling for oil to relieve gas prices is something of a red herring, both because it won’t have any short-term effect, if any at all, and the oil we’d pump would go to China.
Okay, not just China, but everywhere. Oil is a global commodity and as such, follows the highest price. If the global market price is higher than the US market, the oil won’t stay here. We’ll be sending it elsewhere. The extra volume will theoretically decrease prices with extra supplies, but it’s a drop in the bucket. And go ahead and pass a law saying that US oil has to stay here – the market will respond by sending less here, so the net effect is the same.
So “Drill, Baby Drill,” but if you believe in economics, it’s not helping us anymore than it’s helping France.
