On 2008-06-18, Jay Honeck wrote:
Not all crude is the same, and the United States is already drilling for
quite a lot of oil. The remaining large oil fields that aren't being
exploited currently are not *cheap* oil, but expensive oil.

At current prices, almost all known oil reserves in the US are viable.

But suppose you exploit every single oil reserve, the oil will *still*
be traded on the global market (because oil companies quite naturally
want to maximise profits). So tear up all environmental regulations,
exploit all the oil - and oil prices will hardly move, since it'll still
all go on the global market and global conditions won't have changed.
Gasoline will still ultimately hit $10/gallon if that's what it's going
to do.

Unless, of course, you take the socialist approach of nationalizing your
oil industry and imposing price controls, and force the oil companies to
only sell at these controlled prices into the US market. This is in
effect what you are calling for.

--
From the sunny Isle of Man.
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