...will not lower gas prices.
Because some people apparently need to hear things two or three times before it starts to sink in, the head of the Department of Energy's Energy Information Agency (EIA) today said that offshore drilling would have no effect on gas prices.
However, Guy Caruso, who heads the federal Energy Information Administration, said consumers would see little savings at the pump.
"It would be a relatively small effect, because it would take such a long time to bring those supplies on," Caruso said during a briefing at the Center for Strategic and International Studies on the EIA's new long-term international energy forecast. "It doesn't affect prices that much."
Most energy experts say it would take five to 10 years to find oil in the closed areas and bring the crude to market. Caruso said the additional supplies would amount to only a couple of hundred thousand barrels of oil a day.
"It does take a long time to develop these resources, and therefore the price impact is muted by that," he said.
Which is exactly what the EIA said last year but what proponents of offshore drilling blatantly ignore as they trot out conservative hacks to repeat party talking points as proof of their baseless and faulty dictum.