We all know why gasoline prices are so high. It’s because Congress has not allowed oiling drilling in Alaska. At least that’s what we know if we believe what the President recently said.

According to a post in Gristmill, the administration’s own Energy Information Administration found otherwise:

It is expected that the price impact of ANWR coastal plain production might reduce world oil prices by as much as 30 to 50 cents per barrel [in 2025].

Gristmill points out that there are 42 gallons in a barrel, leading to a very slim trimming of the price. Besides, the same study suggested what might happen:

Assuming that world oil markets continue to work as they do today, the Organization of Petroleum Exporting Countries could countermand any potential price impact of ANWR coastal plain production by reducing its exports by an equal amount.

Next idea?