Question for the "drill baby, drill" crowd?
Now I want you to put your feet in the shoes of the big oil companies and ask what happens if they discover large supplies of new oil. Obviously, the price goes down at the pump, which makes their profits smaller, which makes their investors unhappy. So, with that in mind, what is the incentive of the big oil companies to discover large amounts of oil which will ultimately reduce their profits? Here are some possible answers for you:
A) The big oil companies are completely ignorant of this, and therefore it is not an issue.
B) The big oil companies are aware of this, but it is more important for them to discover new oil so that people like them than it is for them to make outrageous profits like $14 billion per quarter.
C) The big oil companies know this, and there is a well documented history of them stockpiling supplies so that they can pocket profits. It is known about analysts that increased domestic drilling has not lead to lower gasoline prices historically. Moreover, the big oil companies have not been drilling on much of their already licensed land so there is no need to give them access to new areas beyond the outrageous amount of land that they already have access to and are not using.
D) Other -- explain.
Now I know I can trust you all to be honest on this and first give your answer before looking up the truth, which is here: http://resourcescommittee.house.gov/imag... . But I will give you a hint that you are allowed to look at now. Exxon is back in the news again today: http://finance.yahoo.com/news/Texas-high...