No matter how much we drill, gas prices keep going up
Posted 28 February 2013 in
The news is out today that US crude oil production is has topped 7 million barrels/day, the highest it’s been since 1992. And based on the way the oil companies talk about the promise of domestic drilling, you’d expect today’s gas prices to be at record lows as well. But instead, a gallon of gas costs about 56 cents more than it did just two months ago!
Study after study has come out saying more drilling won’t work. Soaring and unpredictable gas prices are here to stay unless we diversify our fuel supply, thereby lowering and stabilizing prices.
According to an American Security Project report that came out on Tuesday, “we cannot drill our way out” of vulnerability to global oil markets. A recent report by IEA predicted that drilling our way to oil independence will still leave us with oil costing $215+ per barrel. And you guessed it: consumers filling up their tanks will foot the bill.
The oil industry is shamefully using concerns around high gas prices to pull the wool over consumers’ eyes and coax them into supporting domestic drilling. It’s no secret that more oil wells at home will only solve one “problem”: that the oil industry made “only” $118 billion in profits last year.
By diversifying our fuel supply with low-cost, homegrown renewable fuel, we will reduce our dependence on oil. This will mean lower and more consistent prices at the pump for us all.
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