More that one factor is involved here.The oil companies,so they say,only earn about 4 % on investment.Not what you would call great.The reason for drilling is to allow this Nation to have it`s own,produce it`s own,selling only excess,and if possible go to the point of rebating to the people any possible money for use of the Countries fossil fuel and withdrawal of same.(limited amount available)Same as the Eastern Countries do.Now if the gov`t could sell to China,maybe offset our debt?The real problem with Obama and his environmental group is they don`t want us to use fossil fuel,even when the ethanol fouls the engines of our autos here.<quoted text>You Repubs have been HAD on the Drill Baby Drill. What has happened is Exxon is EXPORTING US oil at a 70 year record pace. The more the US produces the more Exxon and Shell will send to China. Only thing more US oil does is make profit for oil companies. It's NOT staying in America !!!!!!!!!!
Report on 2012 Production: Domestic output grew by a record 766,000 barrels a day to the highest level in 15 years, government data show, putting the nation on pace to surpass Saudi Arabia as the world’s largest producer by 2020. Net petroleum imports have fallen by more than 38 percent since the 2005 peak and now account for 41 percent of demand, down from 60 percent seven years ago, moving the U.S. closer to energy independence than it has been in decades.
In other words,there are a good many ways to look at this problem,and the best way,in my opinion,is to do what is best for the people and the Country<NOW!
We could refine our own,sell only excess.Gasoline price could be lower as well.The problem still is refusal to do what is in front of the face to get the best results for the Nation.