Can U.S. Oil Drilling Really Cut Gas Prices?
Don’t believe the hype President Bush urged Congress today to “permit drilling for oil off America’s coasts — on the outer continental shelf — to combat rising oil and gas prices.” The President also recommended drilling in ANWR, Alaska’s Arctic National Wildlife Refuge. Yawn. Republicans are betting high gas prices will persuade Americans to persuade their representatives that drilling in the States will reduce four dollar gas prices. Don’t buy it, America. On his June 15, 2008 appearance on CNN, Rep. Chris Van Hollen explained that ” Facts are stubborn things. Sixty-eight million acres of federal lands, currently leased to the oil and gas industry, are sitting idle.” The oil and gas companies don’t need more places to drill. Van Hollen continued: “The issue isn’t whether or not we should use our natural resources. The issue is exactly where. And what you’re saying is, when you’ve got sixty-eight million acres of federal lands already leased, you should use that before you start looki
