Connecting Obama's energy policies to divorce is like something Glen Beck would do on his chalk board.
snopes.com: Obama Lends $2 Billion to Brazilian Oil Company
Bogus Brazilian Oil Claims | FactCheck.org
snopes.com: President Obama on High Gas Prices
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“It’s not going to change the price of oil overnight, and it’s probably not going to have a huge impact on the price of oil ever,” said Mike Lynch of Strategic Energy and Economic Research, Inc. referring not just to those four leases, but also to expanding all U.S. drilling.
Analyst Lynch said that, if the nation took an extremely vigorous stance on oil exploitation — and relaxed restrictions on the Gulf and drilled in the Arctic National Wildlife Refuge in Alaska and off the coast of California, where America’s most easily accessible offshore oil is located — it still would not have much of an impact.
“With the exception of the deep Gulf, where there are restrictions, people are drilling as fast as they can,” said Lynch, who regards himself as a moderate Republican. He is bearish on oil prices and believes the cost of crude will drop soon, regardless of an government policies.
“You might, under really optimistic scenarios, over five or six years, add 2 million barrels a day of production,” said Lynch, who favors more drilling, even if he rejects the politicians’ arguments. “On a global scale, it’s significant. But we would still be big importers — we would still be dependent on foreign oil.”
And prices would not move much because of it, the analysts explained. Oil is traded on a world market, and the United States does not have enough petroleum to increase the global supply, which would reduce demand — and thus the price — for fuel.
“In 2009, the U.S. produced about 7 percent of what was produced in the entire world, so increasing the oil production in the U.S. is not going to make much of a difference in world markets and world prices,” said the EIA’s Martin. “It just gets lost. It’s not that much.”
Drill Baby, Drill? carbonsciences.com
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[ame=http://www.youtube.com/watch?v=I8D_j9fqfUg]YouTube - Oil Prices Today: NMA Raps on Crude[/ame]