10 May '12, 5pm

Congressional report says ‘drill, baby, drill’ won’t protect U.S. from oil price spikes

A version of this post originally appeared on Climate Progress . More domestic drilling does not make America less susceptible to global supply disruptions or protect consumers from gasoline price volatility, according to a new analysis [PDF] from the Congressional Budget Office (CBO). The CBO report reviewed different policies intended to make the country more energy secure, concluding that the only effective tool for shielding businesses and consumers from price spikes is to use less oil. Because oil is sold on the global market, CBO concludes that increasing domestic oil production would do little to influence rising gas prices in the U.S. These findings back up historical experience. According to an analysis of 36 years of gasoline prices and domestic oil production conducted by the Associated Press, there is zero statistical correlation between increased drilling and ...

Full article: http://grist.org/energy-policy/congressional-report-says-...

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