CBO: Increasing Domestic Oil Doesn’t Help Energy Security Much
by Simone Sebastian (FuelFix) Increasing domestic production of oil won’t significantly boost energy security in the United States, according to a report by the Congressional Budget Office.
The CBO advocated policies that reduce demand for oil, such as promoting more fuel-efficient and alternative-fuel vehicles.
“Policies that promoted greater production of oil in the United States would probably not protect U.S. consumers from sudden worldwide increase in oil prices, even if increased production lowered the world price of oil on an ongoing basis,” the report noted. “In fact, such lower prices would encourage greater use of oil, thus making consumers more vulnerable to increases in oil prices.” READ MORE and MORE (Congressional Budget Office) Download Report Download Graphics/Charts