Increased American production from offshore drilling - such as at this oil platform pictured off California in 2005 - would not necessarily mean lower prices for Americans because oil is a global commodity whose price is set by global supply and demand.
(Bruce Chambers/Orange County Register via associated press/file)
New offshore drilling not a quick fix, analysts say
Start-up delays, global market pressures cited
Increased American production from offshore drilling - such as at this oil platform pictured off California in 2005 - would not necessarily mean lower prices for Americans because oil is a global commodity whose price is set by global supply and demand.
(Bruce Chambers/Orange County Register via associated press/file)
President Bush and Republican presidential candidate John McCain have called this week for lifting a federal moratorium on offshore oil exploration, arguing that taking action to increase domestic oil supplies will help drive down prices. (Full article: 1044 words)
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