The problem with the "Drill, Baby Drill" mantra is that even if we tapped EVERY possible spot in the US for oil reserves (including putting down a well in your living room), it would not lower the price of fuel.
Oil companies are "For PROFIT" stockholder owned companies and crude oil is a world-traded commodity. If US oil companies had more available oil, they'd have more crude available for sale on the World Market. If they could get $150+ dollars a barrel for crude in India, China or elsewhere, that's where they'd sell. They would not provide $75 a barrel oil domestically out of the goodness of their hearts. They'd sell to the highest bidder & double their profits. That's what they do and what they'd continue to do. Nothing personal. Just business. Unless specific laws were enacted for prevention, nothing would change that.
Here are the facts.
Oil companies do not need new areas to drill. They need to focus on areas already leased/opened to them. Of the 42 million acres of Federal land currently leased by oil and gas companies, only about 12 million acres are actually being drilled to produce oil and natural gas.
Of the 90 million offshore acres Big Oil has leases to, upwards of 70 million are not being drilled and as such are not producing oil and natural gas.
If the Republican claims that more drilling is correct, why aren't they demanding Big Oil explore drilling on the 30 million acres of Federal land and 70 million acres offshore (that's 100 MILLION ACRES) that are already leased/open to them but that they refuse to explore?
The US has 3% of the world's oil reserves and uses 25% of the world's oil production.
Drilling a new well every 50 feet will not change these facts either.