If the U.S. allowed for more domestically oil drilling and doubled the refineries, would gas prices change?

My thought is gas prices would continue to follow the pricing as set by OPEC as has been done in the past, but we would import less from Canada. What are your thoughts?
I understand there are a trillion barrels under the ground in Iraq. Why is supply an issue?

10 Responses to “If the U.S. allowed for more domestically oil drilling and doubled the refineries, would gas prices change?”

  1. E.T Says:

    forget Iraq we here in the united state have 1.2 trillion barrels of oil just waiting to be tapped in what is called the green river basin check it out that’s 6 times the known reserves in the middle east and the government has been sitting on it since 1938 when the federal government bought up 85% of all the property that the oil sits under have you even heard a whisper about this and why havent the federal govrnment assigned the oil companies to drill and what about anwar the oil companies cant open refineries because of litigation from the various enviromental agenies the goverment is yelling at the oil companies to camoflage thier own duplicity so to answer you question absolutly the price would drop like a rock but this is the govermental way of implementing the kyoto accord with out a treaty

  2. Lincoln6 Says:

    With record profits, Big Oil hasn’t opened up one new refinery within the past 25 years. But oil prices continue to rise because of supply concerns. Give me a break.

  3. MoneyisPower Says:

    Yes because there is more oil in the markets.

  4. rhsaunders Says:

    The short answer is Yes. Commodity prices are set at the margin, and if oil can be produced in the US for less than $135 a barrel, prices will have to come down.

  5. subbu N Says:

    Hello

    Yes. Heavy demand for oil in Market.

    Ultimately it is lass for EARTH

  6. glori Says:

    no, all the oil companies are interested in is their own profit.

  7. heartless Says:

    no. the price of gasoline will still follow the current trend. becouse this is a manipulated trend. and i don’t see any company settling for less money; if they don’t have to.

  8. littlebear1776 Says:

    prices would plummet just like they did when reagan opened up drilling everywhere.if opec countries are not exporting oil to us they cannot control the price

  9. Confused ... Says:

    Yes, it will. But it will take 3 – 5 years to see the results. Meanwhile, we should speed up the solar, wind and geothermal energy.

  10. US delenda est Says:

    Drilling won’t help. All US reserves will run out within the next 2 decades. Here’s a fact for you to digest: for every 1 barrel of crude we humans find, we consume 4. Supply/Demand isn’t the real problem now, even with this fact. Its the hyper inflation via poor economy. The more worthless paper is, the more you have to print to pay for something. Crude without inflation is really worth no more than $70/barrel.

    To idiots who think supply/demand is the real problem: Developing countries grow a 10%/year thus increasing energy needs by 10%/year in the most favorable conditions, so why have fuel prices been rising at 30-50%/year rates in the last few years?