Two newly released reports shed some much-needed light onto a crucial question in Washington: Does domestic oil drilling affect gasoline prices?
That question lies at the heart of the debate over what we should do about high and volatile gasoline prices. Advocates for oil drilling call for broader and quicker access to our nation’s resources in order to provide relief at the pump – calls that the House has happily obliged by passing bills that would open up new areas to offshore drilling and undercut government oversight. Environmental groups and other opponents of domestic drilling, on the other hand, argue that this is the wrong approach, and that we should instead be investing in fuel efficient vehicles and alternate modes of transportation.
The two new reports provide much-needed objective and nonpartisan analyses of this crucial question, and come to the same, clear conclusion: providing relief at the pump to U.S. consumers can only be achieved through reducing our oil consumption, NOT through more domestic drilling.
The reports were issued by the Energy Security Leadership Council (ESLC), a nonpartisan project of Securing America’s Future Energy that’s composed of industry CEOs and retired four-star generals and admirals, and the Congressional Budget Office (CBO), which provides nonpartisan economic analysis to Congress. They join a growing list of impartial publications that refute the notion that the United States can drill its way to energy independence and free ourselves from the myriad problems associated with our oil consumption and offshore drilling.