How will drilling for oil affect gas prices today?
Speaking as someone who works for a major oil company, drilling offshore will not affect gas prices in the short-term at all, and even in the long term will not affect gas prices by more than a few cents. There simply isn’t enough known oil in US offshore regions, or in the Alaska National Wildlife Refuge, either, to make much difference compared with total world production. The price of oil is based on production and comsumption worldwide, not just in the US. What opening up these areas to drilling will do is end up making even more money for the oil companies, which have been setting and breaking records for profits over the last several years. So yes, by all means, open up the offshore areas to drilling. I’m planning on retiring in a few years, and the higher my company’s stock price, the better for me.
