08 Oct 08 Drill Baby Drill?

MCAIN: “Oil drilling offshore now is vital so we can bridge the gap between imported oil … and it will reduce the price of a barrel of oil. … We’ve got to drill offshore and do it now.”

THE FACTS: The government estimates that opening the Atlantic and Pacific coasts and eastern Gulf of Mexico to drilling “will not have a significant impact on domestic crude oil and natural gas production or prices before 2030.” Even then, it would only increase domestic oil production by 3 percent.

Tags: crude oil, domestic oil production, gap, government estimates, gulf of mexico, natural gas production, oil drilling, pacific coasts, price of a barrel of oil, significant impact