More oil drilling will not lower gas prices or create energy independence. It will only make the world’s richest oil companies richer. The United States sits on less than 3 percent of the world’s oil reserves. Even if we drill in every corner of America, the oil will amount to a drop in the bucket globally and won’t have an impact on prices, the world market, or our wallets.
Oil companies are making more money now than at any other time in history. They don’t need more giveaways from American taxpayers.
This article appears in Aug 21-28, 2008.