There Is Little Disagreement That Drilling Off the U.S. Coast Will Have Almost Zero Impact on the Price of Gas

In an article on the debate over offshore drilling, the NYT told readers:

"while candidates have sparred over the reasons for rising prices, there is little disagreement over the call for more drilling, onshore and offshore."

The NYT should have also told readers that there is almost no disagreement among economists that drilling everywhere all the time offshore will have almost no impact on the price of gas in the United States. The reason is that we have a world market for oil. The...