Alaska Oil Drilling Won't Lower Price of Gas

Nonsense. OPEC attempts to control the price of petroleum by limiting investment in new pumping capacity of member nations (mostly because they have learned they can't trust each other to limit production when they can easily deliver more by simply opening a valve). Worldwide demand is rising as a result of the rapid economic development of China (and to a lesser extent, India), and in these circumstances it is relatively easy for OPEC to raise the price by limiting supply. However, even a relatively small addition to production capacity outside their control can significantly alter the price by restoring equilibrium to a buyer-seller market - instead of the seller's market we have today.

There is nothing novel or new about this idea. Indeed it is a well-known operating principle of markets. The only novelty here is the audacity of the Democrats in aserting the lie, and the laughably slavish credulity of their true believing followers in accepting it without ever thinking for themselves..

just my opinion
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if the U.S. dollar hadn't taken such a sudden and steep dive , the oil price (in U.S. dollars) would have remained much more stable .
is it really that surprising that oil producing nations have increased the oil price when oil is bought for U.S. dollars ?
look at what has happened to major U.S. financial institutions - it shows why oil producers want a higher U.S. dollar price for their product .
(anybody want to trade OIL for lehman brothers shares ?)
hbg

You are quite correct, sir. A basic rule of Economics is that when demand exceeds supply, the price of the commodity in demand rises. The need of more and more oil due to the economic expansion of China and India is obv
ious.
However, I do hope that most people are aware that our two largest suppliers of oil are Canada and Mexico. I believe that our oil needs from outside the Western Hemisphere amount to something like 40% of our Oil usage.

However, the very fact that we might be drilling for more oil in five or ten years outside our shorelines may lead to a drop in the price since countries like Saudi Arabia have enormous reserves and they are aware that if we cut our need for oil down materially, they will not be able to utilize those reserves as quickly as they wish. They would then, of course, reduce their prices.

I am of the belief that almost every one of our economic problems would be resolved if we drilled for oil anywhere and everywhere in the USA when feasible.