President Donald Trump’s promise to lower energy prices through increased oil drilling is overblown and would mainly benefit corporate polluters. The administration’s “drill baby drill” approach aims to remove protections from public lands and waters, increasing the amount of leased land for oil and gas development.
However, there are several reasons why this approach won’t lower energy prices or benefit consumers:
1. The oil industry already has enough land leased and producing.
2. Exports of liquefied natural gas (LNG) would increase, leading to higher fuel costs.
3. Collusion by major oil companies with foreign organizations like OPEC could lead to price manipulation.
4. Companies are not interested in developing areas like the Arctic National Wildlife Refuge or other sensitive ecosystems.
Mandating new leasing will primarily benefit corporate polluters, as federal leases become cheaper and more accessible. The Trump administration’s actions have already raised fuel costs for consumers, threatening their access to clean air and water, outdoor spaces, and a resilient economy.
Source: https://www.americanprogress.org/article/opening-more-lands-and-waters-for-oil-drilling-wont-lower-energy-prices