GOP Presidential Hopefuls Mislead On Impact Of Oil Drilling

April 26, 2011 2:08 pm ET

Last night, potential Republican presidential candidates Mitt Romney and Tim Pawlenty both suggested more domestic oil drilling as a solution to rising gas prices. The fact is, however, that immediate drilling would not lead to significantly lower prices. Studies by the Energy Information Administration, as well as EIA Administrator Richard Newell's own testimony before Congress, demonstrate that more drilling for oil would have little effect on both short-term and long-term pricing. Indeed, the EIA estimates that opening up areas that are currently closed for drilling would only bring down gas prices by about three cents per gallon.

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