Drill now for new oil to bring down gas prices

Faced with $4-a-gallon gas and the prospect of not being able to heat their homes this winder, Americans have had it with the environmentalists and their Democratic Party apologists.

The majority of Americans want more drilling for oil to bolster our domestic supply. And they want it now.

This has led the environmentalists/obstructionists (including Barack Obama) to adopt a new tactic. They keep saying that drilling now will have no impact on the price of gas. The argument is just plain wrong.

An article posted at American Sentinel, "Why Resolving To Drill Here, Now, Will Lower The Price Of Gas, Now" explains the fallacy of the far left's continued refusal to allow for domestic oil exploration.

From the blog:

One of the important factors which is driving the price of oil futures upward is the prospect of limited supply growth. At this point in time, traders assume that Saudi oil production has or will soon peak; that production will remain uncertain in troubled areas, such as Nigeria; and that the United States will not increase its efforts to drill for oil. The expectation of flat supply creates an upward pressure on the price of oil.

If that expectation changes, then the behavior of traders in oil futures will change. Resolving now to exploit our domestic reserves of petroleum will have an immediate and lasting impact. How much will this impact be? I have seen estimates ranging from a drop of $10 per barrel, to a reduction in spot market price to $100 per barrel or somewhat less. While this won’t bring a return to sub-$3.00 gas prices at the pump, it will provide some price relief and greater stability, both of which the economy needs now.

Read the full post here.