Can Presidents Change Gas Prices? - No-Not Like We Like To Think
Can Presidents Change Gas Prices? - Oct. 17, 2012
The truth is that politicians and the government, for the most part, have very little real control over gasoline prices.
While increased oil and gas drilling in the United States may create good-paying jobs, reduce reliance on foreign oil and lower the trade deficit, it would have little impact on gas and oil prices.
That’s because the amount of extra oil that could be produced from more drilling in this country is tiny compared to what the country — and the world — consumes.
Plus, any extra oil the United States did produce would likely be quickly offset by a cut in OPEC production.
According to a 2009 study from the U.S. Energy Information Administration, drilling off the East Coast, West Coast and the west coast of Florida would yield an extra 500,000 barrels a day by 2030.
The world currently consumes 89 million barrels a day, and by then would likely be using over 100 million barrels.