Not really...if the company drilling finds out they can make a better profit selling it to India or China, we’re right back to where we started.
Oil is a global, fungible commodity. Any additional oil available to the market eases the supply tightness.
So then we continue to rely on other countries for oil. Sorry, but we need to do something...What’s your idea?
They’ll sell it for the same price to anybody. That’s why a barrel of oil costs the same all over the world. It’s increasing supply that would lower the price. Besides, oil pumped here means the money stays in our economy, and is not shipped overseas. Even if domestic oil were sold overseas, the supply would increase, plus (most of)the money would stay in our economy, including the massive taxed on oil.