The state and federal government could reduce gas prices 30 to 70 cents a gallon depending on the state tax, by suspending the gas tax while we open oil leases.
There is oil across the Dakota's and Canada that could supply the US with billions of gallons of oil, that could send the oil speculators in the other direction.
A step to reduce gas prices would be open exploration to all oil companies in the American mid west and Alaska. The Bakken Oil shale that extend from Canada to North Dakota and Montana this find alone could yield close to 4 billion barrels of oil. This is find to second to the over 10 billion gallons of oil that could be in ANWAR Alaska. The deepwater gulf and coastal exploration should be opened to tap into the billions of gallons of oil off each cost. Off the Atlantic cost alone there is over 7 billions of conventionally recoverable oil.
If we were to start building refineries within ten miles of both coast of the United States and we were to start opening up all drilling areas, the speculators would drive the cost down. We could actually gas prices below $1.25 by fall and OPEC would be forced to lower prices to compete. Production levels would increase automatically in the mid east, just to keep up with production from the well the US has that are uncapped and put into service within 60 days. In 24 months we could have oil flowing that make up 90 percent of the needs of oil in the US. This would also create high paying jobs in the construction industry while waiting to reduce our energy need from over seas.
With cars getting better and better fuel milage every year the billions of barrels of oil here in the US will stretch even more in the future.
Please read the link above to find out more on this subject and see the other articles on this blog to find out how much oil we could find in the mid west.