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Drilling for Oil or Building Pipelines Will Not Lower Pump Prices

Written by Ken Green Burridge on 01 February 2014

The USA can’t drill their way to cheaper fuel prices it is a myth, so the “Drill Baby Drill” chant by the politicians of oil producing states really need to be silenced by logic as the USA consumes “18.6 million barrels per day (MMbd) of petroleum products during 2012” according to eia.gov and 95% of US transportation is dependent on oil.

Drilling MythThe Department of Energy’s Energy Information Administration (EIA) estimates that, even if the entire lower 48 OCS were opened to drilling, this would increase cumulative U.S. oil production by only 1.6 percent by 2030 and would have an “insignificant” impact on prices.

Oil production in the USA peaked in 1970 at 9 1/2 million barrels per day.

Oil PipelineAlso the dirty oil from Canadian tarsands is owned by Canadian Corporations and doesn’t magically become US oil just because it is transported via pipeline to refineries in Texas etc. That oil is mostly exported (feel free to research this fact yourself) to other markets not the USA because the US government subsidizes oil and the Canadian Corporations will continue to sell their oil to other markets where they can get a better price
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