If we drilled thousands of new oil wells in the US, would the price of oil go down?

Or would OPEC still dictate the price we pay at the pump. Lets say we tapped into a trillion barrels of oil under US soil, would this have any impact on what we pay?
I agree Thomas, that seems like the most rational thing to do seeing that oil is a finite resource.

20 Responses to “If we drilled thousands of new oil wells in the US, would the price of oil go down?”

  1. wyomugs Says:

    No, because the price of oil is NOT set by the MARKET PLACE, but by these damned unethical, money-grubbing SPECULATORS, along with OPEC’s interference. If SUPPLY and DEMAND truly controlled the price, things would be a whole lot different.

    1. REPEAL the 16th Amendment!!
    2. DISBAND The FED!
    3. http://www.youtube.com/watch?v=Dc_-L4fyL…
    Republican since before she was born… and PROUD of it.

  2. Curtis 1911 Says:

    Yes,,,light sweet crude is sold on the commodities exchange to the highest bidder, so more supply equals lower prices.

    Even the enormous power of the OPEC countries can only influence the price of crude a few dollars for a short time.

  3. Thomas D Says:

    We are being smart and saving our reserves for when we really need them.

  4. Jesus Hates You Says:

    No, it would go UP because the oil companies would pass on the costs of all the dry holes. Really, it’s not for lack of drilling!

  5. Love big words Says:

    It would lower prices. It’s supply and demand, which is basic economics.

  6. Edward Says:

    Lolno. It would only enrich the oil companies as they sell the oil overseas. That’s assuming there’s any oil there in the first place.

  7. Robert Says:

    We could say fuck the global price and set the prices.

  8. g Says:

    it would… but I don’t think it would be a dramatic decrease in costs…

    also, you have to look at what kind of oil we have…

    we have a lot… but a lot of it is oil shale, which is very costly to refine…

    so, we could use our oil which costs $5 a gallon to refine, and the cost to the oil company and gas station… or pay for $5 for OPEC oil flat?

    EDIT: when you pee in the ocean it technically raises the sea level… but does anyone notice?

  9. Beaver.Tail Says:

    There isn’t that much oil left anymore. The oil companies buy/sell oil on the world market therefore you would still pay a world price.
    Current price in Venezuela is $.96 gallon for gas.

  10. If Cons are RIGHT, Libs must be WRONG Says:

    we need to drill more locally and Oil would go down BUT Liberal American haters blood pressure would go up.

  11. R Says:

    No. OPEC would still control/manipulate the price-per-barrel.

  12. Pfo Says:

    It would go down a little bit.

    OPEC would not be able to dictate how we price our oil, we could sell below their market price.

  13. Stay thirsty my friends Says:

    Nope…not a penny.

  14. whoyeah Says:

    Maybe but it would take 15 to 20 years to happen.

  15. Climbing Up the Walls Says:

    If you were able to just throw 1 trillion barrels of oil on the market, the price would plummet. The world uses about 85 million barrels a day. The only problem is reservoirs of that size either don’t exist or can’t be tapped into that quickly to effectively add to the supply constraint.

  16. bmovies60 Says:

    "seeing that oil is a finite resource"

    It isnt. The earth creates more through heat and pressure. Once dry wells are replenishing themselves. Plus shell oil has discovered a way we can "brew" our own oil from shale. We have an infinite supply.

    Whoyeah writes: "Maybe but it would take 15 to 20 years to happen"

    In 1996 the Republican-majority House and Senate voted to allow drilling in ANWR, but this legislation was vetoed by President Bill Clinton. One of the arguments used against drilling in ANWR was that it would take about 10 years for that oil to come online. Well, here it is 15 years later and look at the prices now. It would have been great to have that oil online starting about 5 years ago. That way prices wouldnt be as high as they are now. But today, now we’re hearing the SAME argument against drilling: It takes too long for the oil to come online to make a difference. If not now, when? What do you think will happen in 15-20 years if we DONT drill now?

  17. Grayrider Says:

    It would change the price of a barrel of oil, and in all probability would decrease drastically. One has only to look at recent history to see my point.

    If you will remember, before just a few months before the 2008 elections, a piece of legislation known as "Drill here; Drill now" passed through Congress and was signed by then President Bush. As a result, the price of a gallon of gas at the pump dropped over $1.50 in less than a month. The price of a barrel of oil also dropped by nearly 50%. While I don’t remember the exact numbers, the drops were significant.

    Since the ban on drilling in the Gulf, we have slowly seen and increase in the price of crude oil. This increase is now being seen at the pumps, as gasoline has gone back over $3.00 per gallon, with predictions of the price going to, if not over, $5.00 per gallon.

    As far as oil being a finite resource, I would question just how "finite". I remember back during the 1970’s and the last "oil shortage", we were told then that all crude oil reserves would be depleted by the year 2000. Low and behold, in 2011, we still have oil in the ground, all over the world, and are once again hearing some scream we are running out.

    There is a reason why people are becoming skeptical about anything liberals say. That reason is because more and more people are realizing they have heard all this before. Given time, we will hear it all again.

    We will see oil prices drop when 3 things happen in this country;
    1) Reopen drilling in The Gulf of Mexico, and make it possible to drill closer to shore. (Part of the problem plugging the BP well was because of the distance, both from shore, and depth from the surface.
    2) Support "Drill here’ Drill now" in other areas, such as ANWAR.
    3) Relax restrictions to make it possible to expand existing refineries, as well as build new ones.

  18. Vince Says:

    There isn’t a trillion barrels of oil under US soil. We’ve been pumping oil in the US since 1859. At one time, the US was the world’s largest exporter of oil. In the 150 years since we first found it, we’ve pumped a lot of oil out of the ground. If it were available here, we would have pumped it here instead of importing most of it. When you see oil being dug up from places like the Canadian Tar Sands, you know the world is having a hard time finding the stuff. If there was enough oil available on US soil, we wouldn’t be drilling 2 or more miles underneath the Gulf of Mexico to find it.

  19. jacqueline Says:

    we are not being smart in any way using other countries for their oil. all that our president is trying to do is bring America down to size, when in reality we are the country that other countries strive to be like. by using our own oil from our reserves will lower gas prices substantially and even make the dollar worth more..leading to less money we as americans need to put out.

  20. jacqueline Says:

    Grayrider- well said. i completely agree with what you are saying. people need to open their eyes and see what our president is doing to our country. he does not want us to be the best we can be. he wants to bring us down to other countries who are much less fortunate then us. we are America for a reason.