Independent Petroleum Association Insists That More Drilling Would Lower Gas Prices

Oil industry disagrees with experts about U.S. drilling
Yesterday we posted several links to quotes from 20 experts and to an Associated Press article which gave strong reasons to believe that more domestic drilling wouldn't lower gas prices.

The Independent Petroleum Association has released a report that argues for the opposing viewpoint, stating that increased drilling in the U.S. would effect prices at the pump.  Here is a link to an article from National Review about this report.

Certainly the pain at the pump is something we all share and have on our minds.  Some would argue that if the oil companies are just looking to cash in, that increased domestic production would be cheaper for them but those savings would not necessarily be passed along to the consumer.  While the relationship between gas prices and oil company profits is a complicated one, it is hard for most to wrap their head around the concept of $4.00 gas prices having little connection to big oil companies consistently posting profits of over $30 billion a quarter.  The oil companies argue that the cost of gasoline is most attributable to taxes and other factors out of their control.

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