WILL MORE DRILLING REALLY HELP?

(h/t Pat Garofalo at Think Progress)

The radio gasbags and FAUX News stupid opinionators have harped about how we would dramatically lower the cost of a gallon of gasoline if we only "drilled, baby, drilled."  It turns out that we might save a few cents but that's it.

Drill baby drill won't lower gas prices
By Steve Hargreaves, senior writerApril 25, 2011: 11:22 AM ET
CNN Money

NEW YORK (CNNMoney) -- Every time gas prices reach record highs the call goes out for more oil drilling. This year it's no different.

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.

"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.

After OPEC got done adjusting its production to reflect the increased American output, gas prices might drop a whopping 3 cents a gallon, the study said.