If America starts to drill for Oil in Alaska and off the coast of Florida?

Will the price of oil go down? Is the price really a result of supply and demand, and, if so, why would the oil companies produce more from these new drillng areas to bring the price down?If America starts to drill for Oil in Alaska and off the coast of Florida?
No, the price of oil will not go down. The amount the U.S. could produce is TINY even if we drilled every drop we have. We have less than 3% of the world's oil. It is not enough to lower prices, especially when the prices are set on a worldwide market controlled mostly by a cartel (OPEC). The idea that we can drill our way to lower gas prices is a complete myth. Our only hope is to stop using so much gas through conservation and alternative energies.If America starts to drill for Oil in Alaska and off the coast of Florida?
Are oil only comes from one place. Anyone know?
I think, as with our own reserve, those should be left for emergencies. We are not quite there yet.
No is the short answer, in Alaska it would take over 15 years for that oil to make it to market, and its span is estimated to only last 2 years top, but its environmental impact would be permanent.
Well if we had our own source of oil and didn't need to buy any we could charge us, ourselves whatever we wanted. And the world we could jack up the price for them. We should of never of stopped drilling....and now we are at the beck and call of the Middle East, Venezuela and the likes of em.
It would improve supply for the US so we would not have to compete on world markets for the oil with China and India (two new major players demanding tons of oil). But there is also an issue of refinery capacity in the US. We have not built a new refinery in the USofA for nearly 30 years and have no plans too because ';no one wants one in their back yard.';
No, we need greater refining capacity to make that happen.
It's my understanding we have too few refineries. I don't understand all of it but there's a lot of government regulations involved. Also, environmentalists have prevented drilling in a lot of places. It's a subject that takes a lot of study to see what going on, but we seem hamstrung right now and I'd sure like to see some change with that.
The price may drop but it won't be significant. There is hardly enough there to sustain our demand for it in the US.
No, our refining capacity is maxed out, not production. What we need is to build more refineries.
refineries are what is needed and try and get past the pinko greenies to build something needed. Blame a greenie for higher gas prices and your local and state gov for the tax added to price
Yes the price is really a result of supply and demand.





New oil fields take a while to develop. Think 3- 10+ years for a new field depending on many factors.





If oil companies don't produce they don't have anything to sell. If oil companies don't find or buy new oil reserves they will run out of oil to produce and sell.





Florida oil will not make much difference to the production declines. Alaska has a lot of oil but it is far away and will be expensive and take years to get to and develop and produce and transport..