There are Democrats who are wanting to end billions in subsidies to oil companies. Since they have posted record profits and are considered the most profitable industry on earth, it would sound like a great idea to fix our budget problems, however, Boehner does not want to end these subsidies.
Instead he wants to drill for oil and increase production. This makes no sense because any oil we drill for would automatically go on the world market.
The only benefit it would have is to create jobs and increase the chance of another oil spill. Steve Hargreaves wrote:
The problem is this: 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 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.”