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More U.S. DomestOil Production Unlikely To Offset High Energy Costs, Says Report

NASDAQ -- (IBTimes) - The now-familiar call for Washington to lower energy costs by increasing domestic production of oil may not be the most effective policy, according to this month's Congressional Budget Office report on the nation's energy security.

"Policies that promoted greater production of oil in the United States would probably not protect U.S. consumers from sudden worldwide increases in oil prices stemming from supply disruptions elsewhere in the world, even if increased production lowered the world price of oil on an ongoing basis," said the report, which outlines possible policy solutions to help insulate U.S. consumers from energy and fuel price fluctuations resulting from global oil supply disruptions,

Its a stance that goes against the position of the oil industry' and of

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Submitted May 12, 2012 By: angel4me

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honda0105 Champion Author Tallahassee Posts:18,610 Points:1,608,545 Joined:Nov 2008	Message Posted: May 17, 2012 4:43:31 AM Ignore honda0105 Report Abuse and most of it is starting to get sold overseas. No help for the prices here.
hatterasjack Champion Author South Carolina Posts:1,296 Points:725,225 Joined:Sep 2007	Message Posted: May 13, 2012 10:31:43 PM Ignore hatterasjack Report Abuse Price fixing.
maxcap59 Champion Author Texas Posts:2,764 Points:593,020 Joined:Apr 2011	Message Posted: May 13, 2012 7:17:54 PM Ignore maxcap59 Report Abuse The CBO USED TO BE bipartisan. Ever since Odumba "discussed" the cost of the "healthcare" bill with their director (and caused them to re-do their numbers in his favor), I don't trust them at all...not that they could be trusted much to begin with. Everything the CBO has calculated over the years has been WAY off!
Petrothirst Champion Author Los Angeles Posts:2,286 Points:418,865 Joined:Nov 2005	Message Posted: May 13, 2012 4:27:24 PM Ignore Petrothirst Report Abuse This is stupid. I try to read an article and all I get is a series of ads that can't be turned off. Oh well.
DerHahn Champion Author Illinois Posts:13,704 Points:2,113,160 Joined:May 2004	Message Posted: May 13, 2012 8:52:45 AM Ignore DerHahn Report Abuse drill baby drill ................. oh wait, that still hasn't done anything
GOBUTLER Champion Author Indianapolis Posts:1,425 Points:389,085 Joined:Dec 2011	Message Posted: May 13, 2012 7:52:23 AM Ignore GOBUTLER Report Abuse Interesting.....
tomok Champion Author Portland Posts:32,995 Points:2,345,510 Joined:Aug 2006	Message Posted: May 13, 2012 2:45:45 AM Ignore tomok Report Abuse US domestic oil production will not lower high energy or fuel prices when Big Oil continues to sell fuel and natural gas on the world market for higher prices, there will be NO price reduction for the cost of fuel or natural gas IN the US. Barry will support natural gas and oil production for sale on the world market to pay for his ‘spending gone wild’ addiction and receive the huge federal tax income for oil. Barry's economy is not improving but continues to hurt the population. The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their benefit. Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost, if possible! The price of fuel at the pump is too high! 12/22/2012!
Qwik442 Champion Author San Antonio Posts:8,253 Points:1,332,035 Joined:Oct 2008	Message Posted: May 13, 2012 1:57:46 AM Ignore Qwik442 Report Abuse exactly! supply and demand - the government demands more money and you have the supply
AKmailman Champion Author Alaska Posts:5,628 Points:1,557,340 Joined:Jul 2004	Message Posted: May 13, 2012 12:10:51 AM Ignore AKmailman Report Abuse supply and demand - the government demands more money and you have the supply
gumbyrex Champion Author Fresno Posts:3,296 Points:758,315 Joined:Mar 2011	Message Posted: May 12, 2012 11:36:46 PM Ignore gumbyrex Report Abuse More lip service. I for one would like to see an increase in domestic oil production to test the waters. I don't trust anything coming out of the Congressional Budget Office.
joel27nc Champion Author Raleigh Posts:10,532 Points:1,857,395 Joined:Mar 2008	Message Posted: May 12, 2012 11:28:48 PM Ignore joel27nc Report Abuse Interesting.......
rawdog1313 Champion Author Lexington Posts:3,299 Points:1,642,805 Joined:May 2008	Message Posted: May 12, 2012 11:28:27 PM Ignore rawdog1313 Report Abuse Regulate Oil Speculation if you want lower gas prices! All of these Party of No people are against this Country getting anything done! They said that from the first day Our President was elected! Country First my Ass!
Number43 Champion Author Lexington Posts:8,697 Points:1,638,170 Joined:Oct 2008	Message Posted: May 12, 2012 11:28:02 PM Ignore Number43 Report Abuse Nasdaq crooks are the very ones robbing us blind. They are just disclosing their future plans.
jerej829 Champion Author Memphis Posts:2,851 Points:692,990 Joined:May 2011	Message Posted: May 12, 2012 11:27:31 PM Ignore jerej829 Report Abuse ok
Number43 Champion Author Lexington Posts:8,697 Points:1,638,170 Joined:Oct 2008	Message Posted: May 12, 2012 11:27:03 PM Ignore Number43 Report Abuse Today Price is a function of speculation. The Speculators have manipulated the price of oil to obscene levels. Put them in jail and watch what the market does when supply and demand are allowed to function again.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,069,925 Joined:Mar 2004	Message Posted: May 12, 2012 11:26:19 PM Ignore miser709 Report Abuse No surprise.
mikerroy Champion Author Albuquerque Posts:2,561 Points:719,945 Joined:May 2005	Message Posted: May 12, 2012 11:25:25 PM Ignore mikerroy Report Abuse More bad news
kcboy Champion Author Utah Posts:3,968 Points:1,507,800 Joined:Jun 2005	Message Posted: May 12, 2012 11:25:18 PM Ignore kcboy Report Abuse ok
CAD69 Champion Author Milwaukee Posts:3,201 Points:845,265 Joined:Nov 2010	Message Posted: May 12, 2012 11:25:07 PM Ignore CAD69 Report Abuse Lets try!
gmcgas Champion Author Atlanta Posts:5,948 Points:1,713,195 Joined:Mar 2004	Message Posted: May 12, 2012 11:25:01 PM Ignore gmcgas Report Abuse ok
Number43 Champion Author Lexington Posts:8,697 Points:1,638,170 Joined:Oct 2008	Message Posted: May 12, 2012 11:22:16 PM Ignore Number43 Report Abuse Only obummer has slowed down new american oil production. Vote him out and watch production rise.
PaylessKY Champion Author Kentucky Posts:8,720 Points:1,581,450 Joined:Oct 2008	Message Posted: May 12, 2012 11:17:35 PM Ignore PaylessKY Report Abuse Oil is sold on a global market.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: May 12, 2012 11:14:57 PM Ignore tedjm1 Report Abuse I see, we have to be spit upon. Thanks to our legislators who apparently have no spine to do the right thing, or, think on their own instead of parrot the party he/she is affiliated to.
kirzon484 Champion Author Atlanta Posts:1,861 Points:432,310 Joined:Jun 2011	Message Posted: May 12, 2012 11:13:50 PM Ignore kirzon484 Report Abuse at least the money would stay here
TheSicilian Champion Author Jacksonville Posts:5,374 Points:1,469,525 Joined:Feb 2009	Message Posted: May 12, 2012 11:13:44 PM Ignore TheSicilian Report Abuse wouldn't hurt
OGW Champion Author London Posts:5,324 Points:1,531,150 Joined:Sep 2005	Message Posted: May 12, 2012 11:13:01 PM Ignore OGW Report Abuse Prices are based on world prices no matter where in the world you live. Gas is only cheaper if the average income is very, very low and there is no place in the US where it is ever that low.
Chris46 Champion Author Dayton Posts:23,667 Points:2,081,340 Joined:Sep 2005	Message Posted: May 12, 2012 11:11:22 PM Ignore Chris46 Report Abuse Can we ever catch a break?
BobD2009 Champion Author Long Island Posts:6,989 Points:1,239,785 Joined:Apr 2009	Message Posted: May 12, 2012 11:10:48 PM Ignore BobD2009 Report Abuse Baloney.
Bleeder Champion Author Virginia Posts:8,038 Points:1,699,625 Joined:Jan 2008	Message Posted: May 12, 2012 11:10:10 PM Ignore Bleeder Report Abuse I sure hope they are wrong.
vroomputtputt Veteran Author Oregon Posts:275 Points:62,785 Joined:Mar 2012	Message Posted: May 12, 2012 11:08:39 PM Ignore vroomputtputt Report Abuse oh, realy
millerin Champion Author Orlando Posts:2,305 Points:480,390 Joined:Jan 2012	Message Posted: May 12, 2012 11:08:00 PM Ignore millerin Report Abuse hmmm...
cmsense Champion Author Columbus Posts:1,358 Points:165,345 Joined:Jan 2012	Message Posted: May 12, 2012 11:07:58 PM Ignore cmsense Report Abuse Still see the educational tutorial continues on this thread to enlighten the "Drill Baby Drill Crowd"!!!Should charge them for remedial education costs.
OKRifle Champion Author Oklahoma City Posts:10,397 Points:1,809,310 Joined:Oct 2007	Message Posted: May 12, 2012 11:07:35 PM Ignore OKRifle Report Abuse Figures!
1cheapgasin Champion Author Indianapolis Posts:5,559 Points:1,209,740 Joined:Jul 2009	Message Posted: May 12, 2012 11:06:45 PM Ignore 1cheapgasin Report Abuse Duh????
Colts13 Champion Author Indiana Posts:1,571 Points:548,285 Joined:Mar 2011	Message Posted: May 12, 2012 11:06:13 PM Ignore Colts13 Report Abuse Ok.
regout Champion Author Quebec Posts:2,950 Points:831,730 Joined:May 2010	Message Posted: May 12, 2012 11:05:44 PM Ignore regout Report Abuse Oh yes........
PrinceLH Champion Author Ontario Posts:2,692 Points:538,045 Joined:Jun 2011	Message Posted: May 12, 2012 11:05:14 PM Ignore PrinceLH Report Abuse So much for the law of supply and demand.
speedys Champion Author Utah Posts:7,015 Points:2,558,845 Joined:Nov 2005	Message Posted: May 12, 2012 11:04:00 PM Ignore speedys Report Abuse We are so dumb we would just export the increase in production.
OKRifle Champion Author Oklahoma City Posts:10,397 Points:1,809,310 Joined:Oct 2007	Message Posted: May 12, 2012 11:03:29 PM Ignore OKRifle Report Abuse Figures!
jem069 Champion Author Detroit Posts:2,538 Points:687,080 Joined:Jan 2011	Message Posted: May 12, 2012 11:02:45 PM Ignore jem069 Report Abuse Ok
boatmen Champion Author New York Posts:3,080 Points:622,580 Joined:Jan 2011	Message Posted: May 12, 2012 10:58:56 PM Ignore boatmen Report Abuse Increasing domestic production of oil only increases Oil Profits
drobbbb Champion Author Maryland Posts:3,475 Points:811,485 Joined:Dec 2010	Message Posted: May 12, 2012 10:56:07 PM Ignore drobbbb Report Abuse ok
SparkieMi Champion Author Kalamazoo Posts:3,258 Points:588,325 Joined:Sep 2011	Message Posted: May 12, 2012 10:53:05 PM Ignore SparkieMi Report Abuse Surprise, surprise....
Dodge_Me Champion Author Atlanta Posts:2,214 Points:555,480 Joined:Mar 2006	Message Posted: May 12, 2012 10:46:43 PM Ignore Dodge_Me Report Abuse Hmm
FlyNFool Champion Author South Carolina Posts:8,239 Points:1,684,975 Joined:Aug 2008	Message Posted: May 12, 2012 10:45:48 PM Ignore FlyNFool Report Abuse Oh joy.
bigdog467 All-Star Author Texas Posts:713 Points:194,440 Joined:Dec 2010	Message Posted: May 12, 2012 10:45:23 PM Ignore bigdog467 Report Abuse OK
waynemustang Champion Author Indiana Posts:6,372 Points:1,664,810 Joined:Nov 2006	Message Posted: May 12, 2012 10:45:09 PM Ignore waynemustang Report Abuse This IBTimes "journalist doesn't know what he is talking about. What a lie.
lolobond All-Star Author New Orleans Posts:724 Points:619,935 Joined:Dec 2010	Message Posted: May 12, 2012 10:44:31 PM Ignore lolobond Report Abuse Sad but true
bart_reed Champion Author Los Angeles Posts:3,974 Points:785,630 Joined:Mar 2011	Message Posted: May 12, 2012 10:42:09 PM Ignore bart_reed Report Abuse One thing that is starting to be understand by some here at Gas Buddy: More increased domestic production means more exports, not lower prices.
MRHONEST Champion Author Illinois Posts:2,212 Points:1,675,680 Joined:May 2007	Message Posted: May 12, 2012 10:39:21 PM Ignore MRHONEST Report Abuse Really now!