Yes, your number sounds right ( I have not looked it up), but remember that oil is heavily subsidized thus changes in policy could affect what you and I pay. Since subsidies always exist, I am not worried about sudden spikes in prices....but without them, we would likely be paying 26 dollars per gallon; the price the pentagon is willing to pay for oil for its fleets.Trader said:You are correct. The impact on oil prices is insignificant. Deep sea drilling (which Obama might set up a moratorium) accounts for only 5% of US oil production, and as a fraction of global production, it is infinitesimal.
People need to do some due diligence before jumping to conclusions.
No one brings up the 91 gulf spill. It was just as bad. The ecosystem returned to equilibrium within 3 years, but coral reefs were damaged pretty badly.