<“The folks on the right say: ‘Drill here! Drill, drill, drill!’ But that will not impact the global price of oil,” says Gal Luft, co-director of the Institute for the Analysis of Global Security. “How do I know? Because we had this great experiment for seven years where our dependence on oil declined from 60 percent to 45 percent. We import much less percentage-wise than we did 10 years ago. What happened to the price of oil? It doubled.”>

 

This so-called expert is clueless about the workings of the oil market. The media would rather demonize 'Big Oil' then spend a few hours understanding the oil market. Hence, the media is largely to blame for the public overreaction to price increases.