Will More Drilling Mean Cheaper Gas?

even if tomorrow we opened up every square mile of the outer Continental Shelf to offshore rigs, even if we drilled the entire state of Alaska and pulled new refineries out of thin air, the impact on gas prices would be minimal and delayed at best…..

The reason is simple: the U.S. has an estimated 3% of global petroleum reserves, but consumes 24% of the world’s oil. Offshore territories and public lands like ANWR that don’t allow drilling may contain up to 75 billion barrels of oil, according to the EIA. That may sound like a lot, but it’s not enough to make a significant difference in a world where global oil demand is expected to rise 30% by 2030, to nearly 120 million barrels a day….

Time.com