17 May '11, 9pm

Six irrational ideas about oil and gas prices debunked:

Six irrational ideas about oil and gas prices debunked:

Which leads us to the wacky world of oil. The notion that denying an oil company a few billion in profits would lead to a rise in prices is demonstrably wrong, as the Congressional Research Service has proven . But worse is the idea that drilling for a few billion more barrels in the United States' already depleted oil zones would have much of an effect on prices. If you manage to increase the amount of oil produced in the U.S., most of that oil will actually go to other countries because the oil market is global. The U.S. uses about 21 percent of the world's oil supply and produces about 8 percent. This means that we can't buy our oil in some fantasy America-only market. (See figures from the BP Energy Review [PDF].) In fact, if you want to increase the supply of oil, you might want to, say, help the Iraqis fix their oil infrastructure (alas, we've already wasted hundreds...

Full article: http://www.grist.org/oil/2011-05-17-six-irrational-ideas-...

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