House Passes Offshore Drilling Legislation, But It Won't Lower Gas Prices at All House Passes Offshore Drilling Legislation, But It Won't Lower Gas Prices at All
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House Passes Offshore Drilling Legislation, But It Won't Lower Gas Prices at All

by Ben Jervey

May 7, 2011

As I wrote before:

If it looks like there's just one line there, that's because the three lines are virtually right on top of each other. Whether we dramatically expand offshore drilling or stop selling offshore drilling leases entirely, there will be essentially no impact on the price of gasoline until 2020. If we look out as far as 2030, the difference would only be $0.05—$3.59 per gallon as opposed to $3.64 per gallon. The idea that offshore drilling would significantly ease the pain of high gas prices is a canard.

The only thing that Holtz-Eakin is wrong about is his last line. Not everyone's being honest about that.

Photo, public domain, by Genghiskhanviet

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House Passes Offshore Drilling Legislation, But It Won't Lower Gas Prices at All