Less than 3% of the world’s oil reserves are located under US soil. Many of the existing proven reserves are already open to drilling, and opening the last few areas to oil drilling would add to oil supply by such a small amount that it would likely not have any noticeable impact on gas prices – certainly not at time in the next several years. Since oil is sold on the world market, anything we drill here does not even automatically get used in the US; for instance, oil drilled in Alaska is likely to be sold to East Asian countries instead. A far more effective way to reduce gas prices is to decrease demand for oil by increasing the number of miles our cars can travel on a gallon of gas, and designing our cities to make car travel less necessary.
It is not true that Alaskan oil is exported to the Far East; every bit stays in the US. The only crude oil exports from the US are to Canada, volumetrically tiny exports of convenience from a US oil field to a nearby Canadian refinery.
But it is correct that oil is priced in a global marketplace and that the US has very little left to find, so any discoveries in the US will do little to the price of oil and consequently will have little impact on the price of gasoline. Only using significantly less oil/gas will do much to the price.
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