GOP Rhetoric, Meet Reality – ‘Drill Only’ Plan Won’t Lower Prices At the Pump

For two weeks, the American people have been telling the GOP they need relief at the gas pump and they aren’t buying the Republican budget plan that ends Medicare as we know it to give tax cuts to Big Oil.

Today, House GOP Majority Leader Eric Cantor reiterated the GOP’s decision to push a ‘Drill Only’ energy policy that will have no impact on prices at the pump rather than voting on a bill to end the Exxon earmark. From Roll Call, “Republicans Plan Energy Policy Push”:

…Majority Leader Eric Cantor (Va.) said GOP lawmakers who met in a conference this morning got “an earful on gas prices” from their constituents over the two-week recess.

The messaging push comes after numerous reports of Republican lawmakers facing hostile crowds over the GOP budget and its effect on Medicare and Medicaid…

But as CNN explains, “Drill baby drill won’t lower gas prices”:

Every time gas prices reach record highs the call goes out for more oil drilling. This year it’s no different…

The problem is this…increased oil and gas drilling in the United States…will have hardly any 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 world consumes.

Plus, any extra oil the country did produce would likely be quickly offset by a cut in OPEC production.

“This drill drill drill thing is tired,” said Tom Kloza, chief oil analyst at the Oil Price Information Service, which calculates gas prices for the motorist organization AAA. “It’s a simplistic way of looking for a solution that doesn’t exist.”

According to a 2009 study from the government’s Energy Information Administration, opening up waters that are currently closed to 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.

Last week, as five of the biggest Big Oil companies – BP, Shell, Chevron, ConocoPhillips, and Exxon – announced stunning 2011 first quarter profits totaling more than $30 billion, Leader Pelosi called on Speaker Boehner to schedule a vote to end the billions of dollars in taxpayer subsidies going to Big Oil. Will Republicans side with the American people to finally eliminate these outdated and costly subsidies?

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