Experts: Producing more US oil offers benefits beyond price

03/28/2011
Nick SnowWashington EditorIncreased US oil production won't have an immediate effect on global prices, but it could potentially supply other key US economic benefits, experts told the US House Energy and Natural Resources Committee on Mar. 17.Richard G. Newell, administrator of the US Energy Information Administration, warned against expecting greater access to federally controlled resources to immediately result in increased production. "The impact of greater access on market prices depends in part on actual production flows, on differences in the extent of global integration in oil and natural gas markets, and on how a decision to increase access might affect market expectations&md...
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