Oil: New Drilling Wouldn't Cut Prices

It would be years before production hits the marketand Big Oil would have to spend heavily. Even then, prices may not drop

High energy prices are painful for consumers, but they're giving politicians plenty of rhetorical opportunities. On June 18, President George W. Bush kicked off a speech with an empathetic refrain heard often in Washington these days. "For many Americans, there is no more pressing concern than the price of gasoline," he said at a press conference. "Truckers and farmers and small business owners have been hit especially hard. Every American who drives to work, purchases food, or ships a product has felt the effect. And families across our country are looking to Washington for a response."

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